Southeastern Grocers yesterday announced the sale of 23 BI-LO and Harveys stores to Alex Lee, Inc. and B&T Foods.
According to the announcement, "SEG will be selling 20 BI-LO stores to Alex Lee, who is the parent company of Lowe’s Foods and Merchants Distributors; two BI-LO stores and one Harveys Supermarket will be sold to B&T. These agreements follow the Company’s previously-announced decision to enhance investment in its core banners. SEG will begin the transitioning these stores to Alex Lee and B&T in September; the process is expected to conclude in November."
The move is part of the continuing divestment of the Bi-Lo banner by SEG, as the company engages in what it calls a five-year transformation plan.
Scott Moses of PJ Solomon is serving as financial advisor to SEG on the transactions.
