Southeastern Grocers Successfully Completes Financial Restructuring

Southeastern Grocers today announced that it has successfully completed its financial restructuring and has emerged from Chapter 11 in record timing.

With a solid financial foundation, SEG will further advance its business through store remodels and new stores. The Company will also invest in additional customer programs, including the introduction of the new SE Grocers rewards loyalty program beginning in July 2018.

 

"We are extremely pleased to complete this transformative restructuring in such an effective and efficient manner. The success of this emergence is a testament to the hard work of our associates and their commitment to caring passionately, doing the right thing and constantly improving as an organization — all of which is focused upon our purpose of being a great place to work and a great place to shop.”

—Anthony Hucker, President and Chief Executive Officer

 

 

Southeastern Grocers Plan of Reorganization Confirmed by Court

Southeastern Grocers announces that the United States Bankruptcy Court for the District of Delaware has confirmed the Company’s Amended Prepackaged Chapter 11 Plan. The Company expects to complete its financial restructuring process and emerge from Chapter 11 in the coming weeks.

As previously announced, the Plan will decrease overall debt levels by approximately $600 million (including $522 million of debt exchanged for equity in the reorganized Company) and strengthen the Company’s balance sheet, allowing SEG to invest in the business to further support its financial health and long-term success.

 

"I want to thank our dedicated associates who have remained focused on ensuring our customers and communities can count on us. We’re rooted in our purpose and now firmly on our path to success. We’re eager to show our customers how far we’ve come – and how far we’re going – as we emerge from this process.”

—Anthony Hucker, President and Chief Executive Officer

 

 

SEG Reaches Agreement with Key Economic Stakeholders on Terms of Financial Restructuring

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.

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 story for our company and for our iconic, heritage banners is still being written. As part of this transformational process, our three-year plan will create stunning, remodeled stores in a significant portion of our footprint. This revitalization will also provide our customers with fresh, new concepts and products to cater to the local tastes and needs of the neighborhoods we serve.

 

"This course of action enables us to continue writing the story for our company and our iconic, heritage banners in the Southeast.”

—Anthony Hucker, President and Chief Executive Officer

 

 

For the Media

For Our Customers

For Our Suppliers

Corporate Communications

Joe Caldwell
Senior Manager, Corporate Communications &
Sports Partnerships

joecaldwell@segrocers.com

904.318.7197

www.segrocers.com