Bi-Lo, Tops could declare bankruptcy
Bi-Lo LLC, a subsidiary of Jacksonville, Fla.-based Southeastern Grocers, and Tops Markets LLC may declare bankruptcy in the coming weeks, according to published reports.
Progressive Grocer, Store Brands’ sister publication, cited a report from Bloomberg saying Bi-Lo is planning to close almost 200 stores when it files for bankruptcy in early March.
Meanwhile, buyouts by Morgan Stanley and its own managers left Williamsville, N.Y.-based Tops struggling to pay off its debt. The chain’s sales also suffered when the U.S. government slashed food-stamp subsidies. Tops could file for court protection from creditors as soon as this month, Bloomberg reported, citing people familiar with the matter.
For more, read Progressive Grocer’s report here.