US retail giant Winn-Dixie Stores and T. Wayne Davis, a member of the company’s Board of Directors, jointly announced on Wednesday that a trust created in 1980 by his recently deceased mother, Eunice Davis McNeill, sold around 1.2 million shares of the company’s common stock after her death on 17 December last year. 

The annoucement, which came in response to inquiries by shareholders and members of the financial community, revealed that the sale was organised to provide the necessary funds to pay estate taxes.

All of the equity securities held in the trust, including those of Winn-Dixie, were also sold by the trust during the same period, according to the announcement.