The Greenville News reports that Bi-Lo CEO Brian Hotarek said last week that while there has been a lot of interest in the company from potential corporate suitors, the company does not “anticipate a sale taking place in the near future" because of uncertainty and volatility in the financial markets.
"I can't predict when that time will be," Hotarek said, but "if it's the right buyer, at the right price, at the right time, the company would still be sold."
According to the story, Hotarek also said that the company has “a strategic plan that includes ‘continuous reinvestment’ in its business, with capital spending of about $75 million to $80 million each year over the next three to five years. That would include remodeling and relocation of some stores. While some underperforming locations will be closed, there should be a slight increase overall in the net number of stores annually.”
"I can't predict when that time will be," Hotarek said, but "if it's the right buyer, at the right price, at the right time, the company would still be sold."
According to the story, Hotarek also said that the company has “a strategic plan that includes ‘continuous reinvestment’ in its business, with capital spending of about $75 million to $80 million each year over the next three to five years. That would include remodeling and relocation of some stores. While some underperforming locations will be closed, there should be a slight increase overall in the net number of stores annually.”
- KC's View:
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To paraphrase the Wicked Witch of the West, “Better to drive up the price of the company, my dear.”
I’ll tell you one thing. I wouldn’t want to compete with some of the Bloom and reinvigorated Food Lion stores that I saw last week down in the Greenville area. Those look like tough, disciplined operations, and I have enormous respect for Food Lion CEO Rick Anicetti and his people.
Bi-Lo may be the marketed leader in the Greenville-Spartanburg area, but it isn’t like things are going to get any easier.
