Jacksonville Based Winn-Dixie and Tops Filing for Bankruptcy
Updated on August 14, 2018, 9:49 a.m.
Bloomberg is reporting that Tops Friendly Market which owns Winn-Dixie grocery stores, is likely to declare bankruptcy later this month. Winn-Dixie is a top fifty retailer nationwide and is headquartered in Jacksonville, Florida.
Winn-Dixie stores are located throughout the southeast United States and as many as two hundred locations may be closed due to the bankruptcy. Winn-Dixie had previously filed for bankruptcy in 2005 and 2009.
Winn-Dixie’s bankruptcy apparently is tied into Amazon acquiring Whole Foods, although Winn-Dixie does have a heavy debt load of $723 million. It is unknown at this time which store locations will be closed, but the massive empty retail spaces leaves landlords scrambling for new tenants. It was reported that Winn-Dixie for months had been trying to negotiate rent decreases.
Amazon recently announced a free two hour delivery service through Whole Foods for Prime Members. A test run is being done in four US cities.
On February 21, 2018, Tops Holding Company LLC filed for Bankruptcy under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York.
Tops has published a website that provides additional information. That website can be viewed at www.topsrestructuring.com.
Alexander Hernandez, Esq.