The South Florida Business Journal reports that Winn-Dixie Stores has emerged from bankruptcy, has closed in $725 million in exit financing, and plans a new NASDAQ listing for its stock.
In a statement, the company said that it is emerging from bankruptcy with a minimum of long-term debt. "While there is much work still to do, it is a day to reflect on the great progress that has been achieved in improving the quality and value of the products and service we provide our customers," Winn-Dixie Chairman and Chief Executive Officer Peter Lynch said.
The company also announced that Lynch has agreed to stay with the company as chairman/president/CEO until June 2010, receiving a $1.25 million base salary plus multiple bonuses that could double his salary if he meets specific performance targets.
In a statement, the company said that it is emerging from bankruptcy with a minimum of long-term debt. "While there is much work still to do, it is a day to reflect on the great progress that has been achieved in improving the quality and value of the products and service we provide our customers," Winn-Dixie Chairman and Chief Executive Officer Peter Lynch said.
The company also announced that Lynch has agreed to stay with the company as chairman/president/CEO until June 2010, receiving a $1.25 million base salary plus multiple bonuses that could double his salary if he meets specific performance targets.
- KC's View:
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The question is whether Winn-Dixie has developed a retail format that will speak not just to its traditional consumers, of which there were a dwindling number, but also speak in a compelling way to the new shoppers it must attract in order to succeed in the long term.
Many people we’ve spoken to believe that Winn-Dixie hasn’t fixed its real problem – a dearth of innovation.
