The privately-held grocer, which operates stores in North and South Carolina, Tennessee, and Georgia, is one of the 59 supermarket chains that Consumer Reports will be rating in the May issue. Over the years, Bi-Lo has been in the middle of our survey rankings, earning average scores for prices, quality, service, and cleanliness.
One reason for the bankruptcy filing has to do with a $260 million term loan maturing March 26, according to court documents. “In a normal credit environment we would have expected to refinance the maturing term loan on reasonable terms in the ordinary course of business,” Bi-Lo president and CEO Michael Byars said in a statement. “Unfortunately, the current credit environment is very challenging. After extensive discussions with our lenders and careful consideration of all available alternatives, we
determined that in order to maintain business operations and customer service without interruption while we address this debt maturity, a court-supervised restructuring is appropriate.”
Bi-Lo, in a press release, said a top priority is to ensure the restructuring process does not disrupt customers. The company expects to keep offering specials and promotions -- including its Bonuscard discount program – and will continue to honor its return and exchange policies.
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