Bi-Lo completes financial restructuring
Mauldin, S.C. Bi-Lo, LLC has completed its financial restructuring and emerged from protection under Chapter 11 of the U.S. Bankruptcy Code.
“With our financial restructuring now behind us, we are emerging from Chapter 11 with a strengthened balance sheet and enhanced financial flexibility that positions Bi-Lo for continued success in the markets in which we operate,” said Michael Byars, president and CEO of Bi-Lo. “Our lean capital structure and more focused footprint will enable us to continue putting our customers first and exceeding their expectations every time they visit our stores. We are excited to move forward as a financially stronger company.”
As previously announced, Bi-Lo’s plan of reorganization was confirmed by the U.S. Bankruptcy Court for the District of South Carolina on April 29. Bi-Lo has met all closing conditions of its plan of reorganization and plan of arrangement.
Through its financial restructuring, Bi-Lo has reduced its funded indebtedness by approximately $60 million. Lone Star Funds made a $150 million equity investment in Bi-Lo and remains majority owner. In addition, Credit Suisse has provided $200 million in committed term loan financing and General Electric Capital has provided a $150 million revolving credit facility.
Six outstanding specialty food retailers
Bi-Rite Market, a San Francisco landmark since 1940, has been named as one of the Outstanding Specialty Food Retailers of 2010 by the National Association for the Specialty Food Trade. The other winners include: Hubbell & Hudson Market & Bistro, The Woodlands, Texas; Marion Street Cheese Market, Oak Park, Ill.; Roche Bros., Wellesley Hills, Mass.; Spec’s Wine, Spirits and Finer Foods, Houston; and The Sandy Butler, Fort Myers, Fla.
Here’s a brief look at the winners:
Bi-Rite: Located in the Mission District of San Francisco, Bi-Rite has transformed itself in recent years into a premier market renowned for its restaurant-quality prepared foods, an emphasis on local products (including produce from the owner’s farms) and its rooftop beehives and herb garden.
Hubbell & Hudson Market & Bistro: Opened in 2008, Hubbell & Hudson is designed as a place for the community to shop, eat, and learn to cook under one roof.
Marion Street Cheese Market: A focus on artisan cheese, meat and charcuterie, plus specialty foods, wine and beer that pair well with cheese, and a major expansion, have turned the one-time corner store into one of the Chicagoland area’s most popular shopping destinations.
Roche Bros.: Two generations of the Roche family have nurtured this 18-store Massachusetts-based supermarket chain into a retail success story thanks to their commitment to community service, a wide variety of products and a focus on fresh food.
Spec’s Wine, Spirits and Finer Foods: Owned and operated by the same Houston family since 1962, the 72-unit Spec’s is known for its extensive selection of wines, spirits, beers, liqueurs, cigars and, in its larger stores, fine gourmet foods. The honored Houston location is a flagship, and features 21,000 specialty foods and a wine and liquor section with more than 10,000 wines and a 35-door beer cooler.
The Sandy Butler: From its produce stand beginnings, The Sandy Butler has grown into a full-service specialty food market and 150-seat restaurant. The company also has its own line of specialty food products.
Report: Macy’s to launch exclusive line from Hugo Boss
Macy’s is planning to add a line from Hugo Boss to its collection of exclusive, designer clothing, The New York Post reported.
According to The Post, the new line will likely include suits, sportswear and accessories for both men and women at lower price points than what is traditionally sold under the Hugo Boss label. The line is expected to launch in the fall of 2011.
Siting sources close to Hugo Boss, The Post reported that the deal with Macy’s is part of Hugo Boss’ five-year plan to double the size of its U.S. business.