Winn-Dixie Parent Company To File For Chapter 11 Bankruptcy

It's because of Winn-Dixie — and we aren't talking about the children's novel-turned-movie. Southeastern Grocers — the parent company of Winn-Dixie, Bi-Lo, Fresco y Más, and Harveys supermarkets — has announced plans to close nearly 100 underperforming stores and file for Chapter 11 bankruptcy by the end of March.

"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," Southeastern Grocers president and chief executive officer Anthony Hucker said in a release. "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."

A total of 94 stores will close in Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina, and South Carolina. The remaining 582 locations will continue to operate.

The restructuring is expected to reduce the company's overall debt levels by over $500 million and allow the business to reinvest in store remodels and new locations.

Although its parent company is in financial trouble, Bi-Lo is still beloved in South Carolina — the chain made it onto The Daily Meal's list of best grocery stores in every state.