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Food Lion to Buy 4 South Carolina Bi-Lo Stores
The deal would transfer equipment and leases for $10 per store, according to court documents.
1 Min Read
Food Lion has entered into a transaction to acquire four South Carolina Bi-Lo leases from Southeastern Grocers.
The stores, which are expected to do business under the Bi-Lo banner until the deal closes in late May, are located in Myrtle Beach (1241 38th Ave. N.), Surfside Beach (1610 Hwy. 17 S.), Florence (500 Pamlico Hwy.) and Columbia (9003 Two Notch Rd).
Food Lion did not disclose a price, but according to documents filed in the federal bankruptcy court—which Southeastern petitioned to approve the sale—Food Lion is acquiring the leases, fixtures and equipment at each of the stores for $10 apiece.
Southeastern filed for Chapter 11 protection in March and said it would close 94 stores, including 21 Bi-Lo stores and 19 in South Carolina.
“We are so excited to add these four new locations to our network of nearly 70 stores serving the greater Myrtle Beach, Florence and Columbia areas,” Food Lion President Meg Ham said in a release. “We are part of the fabric of this community. We've been here in these towns and cities nourishing our neighbors and customers for nearly 40 years. With the addition of these four new stores, we have an even greater opportunity to serve more customers with fresh, quality products at affordable prices every day with the caring, friendly service they expect from Food Lion.”
In connection with the deal, Food Lion said it would donate 60,000 meals to the Lowcountry Food Bank in North Charleston, S.C., and Harvest Hope Food Bank in Columbia, S.C. Food Lion will also ensure each new store will be assigned a feeding agency partner to receive weekly food donations through the company's food rescue program.
