Southeastern Grocers Inc., parent company of BI-LO, Fresco y Más, Harveys Supermarket and Winn-Dixie stores, announced today a series of transactions aimed to ensure the company continues to thrive and support the long-term growth of its core banners.
The company has made the strategic decision to no longer operate stores under the BI-LO banner to allow for greater investment in growing the Fresco y Más, Harveys Supermarket and Winn-Dixie banners. To further that goal, SEG has reached an agreement to sell 62 stores, including 46 BI-LO and 16 Harveys Supermarkets, to Food Lion and is actively exploring strategic options for the remaining BI-LO stores, including other potential transactions.
Separately, SEG is also divesting the assets of 57 of the in-store pharmacies it operates under the BI-LO and Harveys Supermarket banners to CVS and Walgreens. These locations, which include all of the company’s BI-LO pharmacies and nine Harveys Supermarket pharmacies in Georgia, will begin to transition within the next two weeks. During this process, SEG will seek to minimize any interruption to customers and to ensure the smooth transition of their prescriptions.
"The successful execution of our long-term transformation strategy may at times require difficult decisions," said Anthony Hucker, president and CEO of SEG. "Today’s transactions are a critical strategic move and an important next step for our continued growth and broader evolution as a business. These actions will facilitate greater investment in our remaining footprint so we can continue to provide an exceptional shopping experience our customers can always count on.”
These transactions build on previous announcements made by SEG — such as the opening of a new store earlier this year and the acquisition of eight new store locations from Lucky’s Market and Earth Fare — as part of its business transformation strategy to strengthen its overall performance in an increasingly competitive sector. The company continues to maintain momentum with its commitment to refreshing stores; nearly 40 percent of the total store fleet has benefited from renewal in the past three years.
