Southeastern Grocers, the company that owns Winn-Dixie, said Thursday that it plans to file for bankruptcy and close 94 stores.

The Florida-based company said it's implementing "a court-supervised, prepackaged" debt restructuring agreement. It said it intends to file with the bankruptcy court by the end of March.

"Southeastern Grocers has conducted a thorough review of options for reducing our current debt," it said in a statement. "Taking this step was critical to our future and the long-term health of our business."

The company said the restructuring will reduce its debt by more than $500 million.

The 94 store closures are in Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina and South Carolina.

The company, which also owns Bi-Lo, Fresco y Más and Harveys Supermarket, will continue to operate 582 stores across the South.

Related: What Toys 'R' Us closing means for shoppers

"We expect our financial health and free cash flow to improve in the newly reorganized company," said Chief Executive Officer Anthony Hucker, in a statement.</s>Several Southeastern Grocers stores will close in Southwest Georgia. (Source: Southeastern Grocers website)

Southeastern Grocers will be closing several of its stores within the next 90 days.

The parent company to Harveys, Winn-Dixie, Bi-Lo and Fresco y Más has entered into a Restructuring Support Agreement and will voluntarily file pre-packaged chapter 11 cases to efficiently execute its restructuring.

Within the next three months, Southeastern Grocers will close 94 of its underperforming locations, several of which are in Southwest Georgia.

Below is the full list of stores SE Grocers will be closing:

SE Grocers said it "will continue to thrive with 582 successful stores in operation and will continue to deliver a store experience our associates, customers and communities can count on."</s>
• 94 Winn-Dixie, Harveys, and BI-LO locations are closing in the Southeast as the regional grocery chains' parent company prepares to file for bankruptcy.
• Southeastern Grocers announced on Thursday it would file for bankruptcy by the end of March.
• We have the full list of grocery stores that will close.

Almost 100 Winn-Dixie, Harveys, and BI-LO locations are closing in the Southeast as the regional grocery chains' parent company prepares to file for bankruptcy.

On Thursday, Winn-Dixie parent company Southeastern Grocers announced it would "voluntarily implement a court-supervised, prepackaged restructuring agreement." The company plans to file for bankruptcy by the end of March.

As part of the restructuring, the company is closing 94 grocery stores. That represents about 14% of Southeastern Grocers' store count, with 582 locations remaining open.

In addition to Winn-Dixie stores, a number of Harveys and BI-LO locations — which are also owned by Southeastern Grocers — are closing.

Here's the full list of grocery stores that will close:</s>(Reuters) - Southeastern Grocers LLC, which operates supermarket chains Winn-Dixie and Bi-Lo, said on Thursday it is preparing to file for bankruptcy and would shutter 94 underperforming stores.

“We conducted a thorough review of our strategic options,” Chief Executive Anthony Hucker said. The company said it plans to file with the Delaware Bankruptcy Court by the end of this month.

The restructuring would reduce overall debt levels by more than $500 million and help the Jacksonville, Florida-based company invest more in its business, Southeastern said, adding that it would continue to operate 582 stores.

Reuters had reported last month that Bi-Lo was planning to close at least 100 stores in a potential bankruptcy, citing two people familiar with the matter.

Margins of supermarkets have taken a hit from growing competition from big box stores, including Wal-Mart Stores Inc (WMT.N) and online options such as Amazon.com Inc (AMZN.O).

Southeastern Grocers operates its stores in Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina and South Carolina.</s>Southeastern Grocers, the company that owns Winn-Dixie, says it will close 94 stores across the country.

The store on Milgen Road is among the stores that will close.

There is no word on when the Winn-Dixie will close for good.

Southeastern Grocers says it will officially file for bankruptcy at the end of March.

Copyright 2018 WTVM. All rights reserved. | For more news, download the WTVM app here.</s>Winn-Dixie parent company Southeastern Grocers will close 94 stores — including three in Central Florida — and file for Chapter 11 bankruptcy reorganization as it tries to save its struggling grocery business, the company announced Thursday afternoon.

Local stores that will close include Orlando locations at 4686 E. Michigan St. and 2722 Pine Hills Road — which was recently rebranded — and another 1347 E. Vine St. in Kissimmee,

Southeastern’s group of grocery brands also includes Harvey’s and BI-LO. The chain has struggled with fierce grocery competition from Publix, Wal-Mart and an increasing number of niche grocers including Lucky’s Market and Sprout’s. In the last three years, the company has changed leaders twice, revamped its pricing policy and changed its employee loyalty program while rebranding some of its stores and closing others.

Southeastern, which is based in Jacksonville, said it has reached a restructuring agreement with a group of creditors holding 80 percent of its debt, which comes due in September.

“The agreement we announced today is an important step in Southeastern Grocers’ transformation to put our company in the best position to succeed in the extremely competitive retail market in which we do business,” said a statement from president and CEO Anthony Hucker. “We are excited to emerge with the optimal store footprint and greater financial flexibility to invest in Southeastern Grocers’ growth.”

It would be the company’s third bankruptcy filing since 2005, each of which included store closures and layoffs. Winn-Dixie has closed several under-performing stores in Central Florida.

The company currently has 23 stores in the Orlando area, including 10 with liquor stores.

The restructuring will leave Southeastern with 582 remaining stores. The company plans to emerge from bankruptcy within 90 days, it said.

The bankruptcy should help the company escape leases on several of its closing stores, according to the news release. Southeastern executives say the planned restructuring should put it in better financial position, including a $500 million reduction in debt.

“We expect our financial health and free cash flow to improve in the newly reorganized company, and although the restructuring contemplates certain store closings, SEG is committed to ensuring that all associates continue to be treated with the utmost dignity, respect and compassion,” Hucker said. “We will continue every day to provide our associates with a great place to work and our customers with a store experience they can count on.”</s>March 15 (UPI) -- Southeastern Grocers, which owns grocery store chain Winn-Dixie, announced plans to file for bankruptcy and close nearly 100 stores.

The Florida-based company issued a statement Thursday announcing plans to implement a "prepackaged restructuring agreement" including the decision to close 94 "underperforming stores."

"This course of action enables us to continue writing the story for our company and our iconic, heritage banners in the Southeast," president and CEO of Southeastern Grocers Anthony Hucker said.

The store closures will take place in Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina and South Carolina.

The company said the restructuring will reduce its debt by $500 million.

Southeastern Grocers also owns Bi-Lo, Fresco y Mas and Harveys Supermarkets, and will continue to operate almost 600 stores.

"We will continue to thrive with 582 successful stores in operation and will continue to deliver a store experience our associates, customers and communities can count on," the company said.</s>Jacksonville, Florida-based Southeastern Grocers (SEG), parent company of Bi-Lo, Fresco y Más, Harveys Supermarket and Winn-Dixie stores, has entered into an agreement with creditors to restructure its debt through a prepackaged Chapter 11 bankruptcy filing.

The agreement will give unsecured note holders ownership of the company by canceling the notes and exchanging them for equity in the company, reports the Jax Daily Record. The company is currently controlled by private equity firm Lone Star Funds. A company news release said the “holder” of its existing equity would receive a “five-year warrant and certain global settlement consideration,” without giving more details or naming Lone Star.

SEG says it will continue operating throughout this process, but 94 of its nearly 700 stores will close.

“Southeastern Grocers has conducted a thorough review of options for reducing our current debt. Taking this step was critical to our future and the long-term health of our business,” the company said in a statement. “After careful consideration, we have chosen to voluntarily implement a court-supervised, prepackaged restructuring agreement. We have not taken these steps without careful planning and consideration. As part of this restructuring, we have made the difficult but necessary decision to close 94 underperforming stores. It is our goal to work through our financial restructuring as quickly and efficiently as possible, and we will emerge from this process likely within the next 90 days. We will continue to thrive with 582 successful stores in operation and will continue to deliver a store experience our associates, customers and communities can count on.”

Southeastern said it will file its Chapter 11 petitions in U.S. Bankruptcy Court for the District of Delaware by the end of March. It expects to emerge out of bankruptcy within 90 days. Southeastern did not say how much debt is involved but ratings agency Moody’s Investors Service said in November the company had $900 million in debt coming due in the next two years.

Anthony Hucker, president and CEO of SEG, said on March 15, “The agreement we announced today is an important step in Southeastern Grocers’ transformation to put our company in the best position to succeed in the extremely competitive retail market in which we do business. With a foundation built on iconic, heritage banners, and with the strong support of our leadership team, we will work through this process as quickly and efficiently as possible. We are excited to emerge with the optimal store footprint and greater financial flexibility to invest in Southeastern Grocers’ growth.”

SEG believes that the transactions proposed under the restructuring support agreement (RSA) will strengthen the company’s balance sheet. The restructuring will decrease overall debt levels by more than $500 million and maintain the company’s liquidity position under the new post-emergence Revolving Credit Facility. The reduction in debt will result in reduced interest expense, allowing SEG to invest more cash flow back into the business in the form of increased capital expenditures for store remodels and new stores.

“Southeastern Grocers is faced with a critical milestone in its transformation, and we have made choices for our future and long-term growth potential,” said Hucker. “We conducted a thorough review of our strategic options and determined that this financial restructuring is in the best interests of our associates, customers, supplier partners and the communities in which we serve. Southeastern Grocers is a strong, viable business and is building momentum with robust performance and new store concepts that resonate with our associates, customers and communities. This course of action enables us to continue writing the story for our company and our iconic, heritage banners in the Southeast.”</s>Southeastern Grocers, the parent company for Winn-Dixie and Harveys, announced Thursday it will close more than 90 stores as part of a restructuring deal.

The company says the closures are part of a plan to reduce debt. It also says it has a three-year plan for remodeling a “significant portion” of its stores.

You can view the full list of store closures here.</s>Southeastern Grocers, the parent company of several brands including Winn-Dixie grocery stores, confirmed Thursday afternoon it is filing for Chapter 11 bankruptcy protection.

The company says it will close 94 "underperforming stores" in the coming days. In addition to Winn-Dixie, Southeastern Grocers owns BiLo, Harvey's Supermarkets, and Fresco y Más stores.

A company spokesperson said the decision was made after "a thorough review of options for reducing our current debt" and added that it was "critical to our future and the long-term health of our business."

"After careful consideration, we have chosen to voluntarily implement a court-supervised, prepackaged restructuring agreement. We have not taken these steps without careful planning and consideration. As part of this restructuring, we have made the difficult but necessary decision to close 94 underperforming stores. It is our goal to work through our financial restructuring as quickly and efficiently as possible, and we will emerge from this process likely within the next 90 days. We will continue to thrive with 582 successful stores in operation and will continue to deliver a store experience our associates, customers and communities can count on."

The company is declining interview requests at this time, citing its focus on serving its customers and supporting its employees.

Bankruptcy news was not unexpected for Jacksonville, Florida-based Southeastern Grocers. Bloomberg reported in mid-February that the company was preparing for such a move with as many as 200 stores in the crosshairs for closure. It's previously gone through bankruptcy in 2005 and 2009.

Here's a list of store closures from the company:

Southeastern Grocers says it has a three-year plan that will "create stunning, remodeled stores in a significant portion of our footprint" and will provide "our customers with fresh, new concepts and products to cater to the local tastes and needs of the neighborhoods we serve."

One of the nation's largest grocers, Southeastern Grocers has stores in Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina and South Carolina.
Southeastern Grocers announces a plan to file for bankruptcy and close 94 of its locations.