Columbia, SC (WLTX) - Bi-Lo says its shutting down 94 grocery stores, including several Harveys and Bi-Lo stores in the Charlotte area, as it restructures itself financially.
Southeastern Grocers, the parent company of the chains, announced the move Thursday.
It's all part of a plan to get the company on better financial footing. It includes voluntarily filing Chapter 11 cases so that it can restructure. Overall, it's expected to reduce the company's debt by $500 million.
"The agreement we announced today is an important step in Southeastern Grocers' transformation to put our company in the best position to succeed in the extremely competitive retail market in which we do business," said Southeastern Grocers SEO Anthony Hucker.
The company says they'll now be able to invest more into their other stores and to create new locations.
To make the move, the company is shuttering several of its Harveys brand stores and one Bi-Lo location that operate in the Midlands. Here is the list of affected stores:
Bi-Lo - 595 US 601 Bypass South - Concord
Bi-Lo - 2204 Union Road - Gastonia
Bi-Lo - 1955 Davis Park Road - Gastonia
Bi-Lo - 427 North Generals Boulevard - Lincolnton
Bi-Lo - 9101 Matthews-Pineville Road - Pineville
Harveys - 6320 Albemarle Road - Charlotte
Harveys - 4430 The Plaza - Charlotte
The company did not give an exact date for when the stores would close. All of the other 582 locations will continue to operate as normal.