Sweetbay stores sold - WFLA News Channel 8

Sweetbay stores sold

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JACKSONVILLE, FL (WFLA) -

Bi-Lo Holdings LLC said Tuesday that it will buy Delhaize Group's Sweetbay, Harveys and Reid's grocery stores chains for $265 million in cash.

The deal includes 72 Sweetbay and Harveys sites each, and 11 Reid's stores.  As part of the transaction, Bi-Lo Holdings will also acquire leases for 10 prior Sweetbay locations. Delhaize will retain Sweetbay's distribution center.

The 165 stores included in the transaction generated revenue of approximately $1.8 billion in 2012.

Delhaize, which is based in Belgium, said the sale is a significant move toward simplifying its business and give it more financial flexibility to pursue other strategic priorities.

The deal will also help Bi-Lo, which owns the Bi-Lo and Winn-Dixie grocery chains, reach more customers.  The privately held Jacksonville, Fla., company has 686 Bi-Lo and Winn-Dixie stores in the Southeast.

The transaction is subject to antitrust approval and is expected to close in the fourth quarter of 2013.

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