Supermarket giant Bi-Lo, with about 30 stores in the Chattanooga area, has emerged from Chapter 11 bankruptcy protection.
According to the Greenville, S.C.-based company, it has successfully completed its financial restructuring.
“Today is a great day for Bi-Lo, our teammates and our loyal customers,” said Michael Byars, the company’s chief executive officer.
He said that it has a strengthened balance sheet and enhanced financial flexibility.
“Our lean capital structure and more focused footprint will enable us to continue putting our customers first and exceed their expectations every time they visit our stores,” Mr. Byars said.
Through its restructuring, Bi-Lo has reduced its funded indebtedness by approximately $60 million, the company said.
For complete story, see Friday’s Chattanooga Times Free Press.