BI-LO Accepts Food Lion Offer
has entered into a non-binding Letter of Intent to have its Food Lion
division acquire most of BI-LO’s assets for $425 million in cash. BI-LO,
which has been operating under Chapter 11 bankruptcy protection since
March, has 214 stores in the Carolinas, Georgia and Tennessee.
executive vice president of Delhaize Group and president and chief executive
of Food Lion, said in a press release to announce the deal, “We at Food
Lion, LLC have great admiration for the associates and stores at BI-LO.
We believe our markets and service philosophy are complementary and we
look forward to continuing our discussions with BI-LO.”
Food Lion operates
roughly 1,300 stores in 11 Southeastern and Mid-Atlantic states under
the Food Lion, Bloom, Bottom Dollar, Harveys
and Reid’s banners.
Phillips-Brown, a spokesperson for Food Lion, told The
Sun News, “It’s
too early to speculate on possible outcomes. Since both companies are
in discussions, we don’t have any additional information to share at
Question: What do you think Food Lion should do with BI-LO if the proposed
acquisition of assets goes through? How could it be best positioned in the market
relative to its other banners?
- Delhaize Group and BI-LO Agree on Non-Binding
Offer for Food Lion to Acquire Certain BI-LO Assets – Delhaize
- Food Lion aims for BI-LO – The Sun