Hold on to your coupons! The supermarket chain Winn-Dixie is being sold to Bi-Lo, LLC in a deal valued at $560 million, the companies said Monday. The buy out will undoubtedly leave a huge, massive grocery store operation in the South.
A report by NWF Daily News says Winn-Dixie had struggled in the past, entering into bankruptcy protection in 2005, which it came out of in 2006.
Winn-Dixie runs about 480 grocery stores, including approximately 380 in-store pharmacies, in Florida, Alabama, Louisiana, Georgia and Mississippi and employs about 46,000 workers.
The combined company will have about 690 stores and 63,000 workers in eight states in the southern U.S. Winn-Dixie Stores Inc. will become a privately held subsidiary — Bi-Lo is a private company — and its ticker will be removed from the Nasdaq.
The companies said Monday that no store closings are expected and the name Winn-Dixie will remain because of its strong brand recognition in the South.
“With no overlap in our markets, the combined company will have a perfect geographic fit that will create a stronger platform from which to provide our customers great products at a great value, while continuing to offer exceptional service,” said Bi-Lo Chairman Randall Onstead.
Winn-Dixie’s board has unanimously approved the deal, which is expected to close in the next 60 to 120 days.
The management structure and the location of the company’s headquarters have yet to be determined, but the companies anticipate keeping locations in both Greenville and Jacksonville.