Winn-Dixie Stores Inc announced that the United States Bankruptcy Court for the Middle District of Florida has approved 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. The stores are to be sold for about $54 million to BSL Holdings Ltd, a Bahamian investor group represented by Fidelity Merchant Bank & Trust Ltd. All 12 stores are expected to remain open after completion of the transaction.
W-D (Bahamas) Ltd, a wholly owned subsidiary of Winn-Dixie, has agreed to sell all of its shares of Bahamas Supermarkets Ltd to BSL Holdings Ltd. W-D (Bahamas) owns about 78% of the common shares of BSL. The rest of BSL's common shares will remain publicly traded in the Bahamas. This sale agreement is subject to conditions, including regulatory approval in the Bahamas.
After completion of this transaction, Winn-Dixie will operate 538 stores in Florida, Alabama, Louisiana, Georgia, and Mississippi (including 10 temporarily closed due to Hurricane Katrina).
