Food Lion parent to buy Bi-Lo stores for $425 million
Oct 05, 2009 live5news.com
The parent company of Food Lion, Delhaize Group, has said it will buy a majority of Bi-Lo stores and assets for $425 million.
Bi-Lo, headquartered in South Carolina, operates 314 stores in North and South Carolina, Tennessee and Georgia and employs approximately 15,500, Delhaize said in a statement.
The purchase by the Food Lion parent company comes about six months after Bi-Lo declared Chapter 11 bankruptcy. The plan to buy the Bi-Lo stores comes as part of the bankruptcy proceedings, Delhaize said in a statement.
The included Bi-Lo assets are estimated to have realized over $2 billion in sales in 2008, Delhaize said.
It is unclear what will happen with the Bi-Lo name on existing stores as part of the purchase, but Delhaize said "it is the intent of Delhaize Group to integrate the included BI-LO assets in the network of its wholly owned subsidiary Food Lion, LLC."
Oct 05, 2009 live5news.com
The parent company of Food Lion, Delhaize Group, has said it will buy a majority of Bi-Lo stores and assets for $425 million.
Bi-Lo, headquartered in South Carolina, operates 314 stores in North and South Carolina, Tennessee and Georgia and employs approximately 15,500, Delhaize said in a statement.
The purchase by the Food Lion parent company comes about six months after Bi-Lo declared Chapter 11 bankruptcy. The plan to buy the Bi-Lo stores comes as part of the bankruptcy proceedings, Delhaize said in a statement.
The included Bi-Lo assets are estimated to have realized over $2 billion in sales in 2008, Delhaize said.
It is unclear what will happen with the Bi-Lo name on existing stores as part of the purchase, but Delhaize said "it is the intent of Delhaize Group to integrate the included BI-LO assets in the network of its wholly owned subsidiary Food Lion, LLC."
