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Delhaize to Acquire Bi-Lo's Assets, Stores
 The Wall Street Journal reports that Belgian supermarket company Delhaize Group is acquiring Bi-Lo's assets, which includes most of Bi'Lo's 214 stores.
The assets include most of BI-LO's 214 stores, which are estimated to have realized over $2 billion in sales in 2008, Delhaize said. Delhaize will also take on most of BI-LO's inventory and the right to continue using the BI-LO brand, without assuming any of the supermarket chain's debt, a spokesman for the Belgium-based company said.
BI-LO was forced into Chapter 11 bankruptcy protection in March due to a heavy debt load that the company could no longer service.
The WSJ says once the deal is completed, Delhaize will integrate the BI-LO stores into its Food Lion chain.
Posted on October 5, 2009
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Bi-Lo Files For Bankruptcy
 Bi-Lo, a chain of 215 supermarkets in in South Carolina, North Carolina, Georgia and Tennessee, has filed for bankruptcy protection. Bloomberg says the company's stores will remain open to customers.
BI-LO stores will remain open and continue to operate without interruption, the Mauldin, South Carolina-based company said in a statement today.
The company listed assets and debt of as much as $1 billion in Chapter 11 documents filed voluntarily today in U.S. Bankruptcy Court in Spartanburg, South Carolina.
Standard & Poor’s lowered its rating on BI-LO's debt to CCC last month, citing a "near-term financing risk," high debt leverage and historically weak operating performance in a competitive industry. BI-LO has a $260 million term loan maturing March 26, according to court documents. General Electric Capital Corp. will provide debtor-in-possession financing.
The Chattanooga Times Free Press says Bi-Lo does not plan store closings or layoffs. They filed bankruptcy because they were facing a deadline on a $260 million loan. Retailer Daily, Reuters and CoStar have more on Bi-Lo's bankruptcy filing.
Posted on March 25, 2009
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