Winn-Dixie Stores has announced that the US Bankruptcy Court for the Middle District of Florida has given its approval in connection with the sale of 12 supermarkets in the Bahamas — nine operated by Winn-Dixie under the City Markets banner and three under the Winn-Dixie banner.
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The stores are to be sold to BSL Holdings Limited, a Bahamian investor group represented by Fidelity Merchant Bank & Trust Limited, for approximately US$54m. All 12 stores are expected to remain open following completion of the transaction.
Pursuant to a definitive agreement with BSL Holdings Limited, W-D (Bahamas) Ltd, a Bahamas company and a wholly-owned subsidiary of Winn-Dixie, has agreed to sell all of its shares of Bahamas Supermarkets Limited (“BSL”) to BSL Holdings Limited.
W-D (Bahamas) owns approximately 78% of the common shares of BSL. The remainder of BSL’s common shares will remain publicly traded in the Bahamas. The sale agreement is subject to conditions, including regulatory approval in the Bahamas.
The stores were sold at auction on Tuesday, 16th May to the higher bid of two competing groups — BK Foods and BSL Holdings Limited. BSL Holdings Limited had the winning bid of $54m.
Upon completion of this transaction, Winn-Dixie will operate 538 stores in Florida, Alabama, Louisiana, Georgia, and Mississippi (including 10 that are temporarily closed as a result of Hurricane Katrina).
