Bi-Lo Store Program Will Continue as Buyer Is Sought

GREENVILLE, S.C. -- Bi-Lo will proceed with a $160 million capital spending plan while its owners pursue a sale of the company, Brian Hotarek, chief executive officer of Bi-Lo, said in a statement Wednesday. Lone Star Funds, the Dallas-based private equity firm that owns Bi-Lo, said Tuesday it will seek to sell the 230-store chain. The spending program covers investments in store renovations and technology over an 18-month period. Also on Wednesday, New York-based rating agency Standard & Poor‘s said it was placing Bi-Lo‘s “B” corporate credit rating on credit watch with developing implications, following Lone Star‘s announcement.