BI-LO stores sold to K-VA-T
BI-LO stores sold to K-VA-T
K-VA-T Food Stores Inc. and Southeastern Grocers LLC have entered into an agreement under which K-VA-T will acquire 29 BI-LO stores from Southeastern Grocers. K-VA-T intends to continue to operate all of these stores under the Food City banner and hire the vast majority of their store associates, retaining their years of service.
“We are extremely excited to have this opportunity to expand our operation into the Chattanooga and northwest Georgia markets," Steven C. Smith, Food City president and chief executive officer, said in a press release. "We certainly look forward to welcoming the BI-LO associates to our Food City family and serving the region. Our consumers can rest assured that we plan to complete the conversion process as quickly as possible, with the least interruption to the normal flow of business. It’s our intention to enhance the overall variety and selection and further develop the services and conveniences provided to our shoppers.”
Southeastern Grocers and K-VA-T anticipate that the transfer and handoff dates of the 29 BI-LO stores will begin Aug. 30, with all stores fully transitioned by Oct. 5, subject to the satisfaction of customary closing conditions.
"We are pleased to enter into this transaction with K-VA-T, which we believe is the right decision not only for Southeastern Grocers, but also for our stores and associates in Chattanooga and Northwest Georgia,” Ian McLeod, president and CEO of Southeastern Grocers, said in the release. “This was not an easy decision for us, as we have the utmost respect for our associates who serve our customers in these stores so well. In the approach by K-VA-T, we believe we have identified a strong partner to ensure these 29 stores and our associates are positioned for continued success under another reputable regional brand. On behalf of the management team, I want to thank all of our hardworking BI-LO associates for their dedication and support over many years."
