Winn-Dixie Will Close 326 Stores

Business briefs/leads:

WSJ: Winn-Dixie Will Close 326 Stores:

Supermarket giant Winn-Dixie announced Tuesday it will cease operations in four Southern states, close 326 of its 913 stores and cut 22,000 jobs under its proposed bankruptcy reorganization plan.
The Jacksonville, Fla., company said it will end operations in Tennessee, Virginia and the Carolinas, and trim operations in its five remaining states, Florida, Georgia, Alabama, Mississippi and Louisiana. The cuts amount to 35% of its stores and 28% of its current work force of 78,000.

Peter Lynch, president and CEO of Winn-Dixie, has said for months that the reorganized company must become smaller. “We regret the impact these tough decisions will have on many of our associates, customers and local communities. We do not take these decisions lightly and would not be proceeding if these steps were not essential to restore Winn-Dixie's financial health,” he said in a statement.

The company said it will try to find buyers for the closing stores and ask the new owners to retain as many employees as possible.

youch. That always works well...


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This page contains a single entry by Seth A. published on June 21, 2005 3:40 PM.

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