SEG Reaches Agreement with Key Economic Stakeholders on Terms of Financial Restructuring
Southeastern Grocers has conducted a thorough review of options for reducing our current debt. Taking this step was critical to our future and the long-term health of our business.
After careful consideration, we have chosen to voluntarily implement a court-supervised, prepackaged restructuring agreement. We have not taken these steps without careful planning and consideration. As part of this restructuring, we have made the difficult but necessary decision to close 94 underperforming stores. It is our goal to work through our financial restructuring as quickly and efficiently as possible, and we will emerge from this process likely within the next 90 days.
We will continue to thrive with 582 successful stores in operation and will continue to deliver a store experience our associates, customers and communities can count on.
The story for our company and for our iconic, heritage banners is still being written. As part of this transformational process, our three-year plan will create stunning, remodeled stores in a significant portion of our footprint. This revitalization will also provide our customers with fresh, new concepts and products to cater to the local tastes and needs of the neighborhoods we serve.
"This course of action enables us to continue writing the story for our company and our iconic, heritage banners in the Southeast.”
—Anthony Hucker, President and Chief Executive Officer
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