Posted On: April 5, 2010
Jacksonville Business Bankruptcy: Winn-Dixie Rebounds Following Chapter 11 Bankruptcy
Winn-Dixie Stories, Inc. emerged from its Jacksonville Chapter 11 bankruptcy reorganization over three years ago, and a recent Daily Record interview with chairman, president and CEO Peter Lynch, shows how companies can successfully emerge from Chapter 11 bankruptcy stronger than ever.The Chapter 11 bankruptcy reorganization allowed Winn-Dixie to renovate nearly 200 of their stores as well as build new stores in markets where they enjoy good market share. The Jacksonville-based Fortune 500 company is also capitalizing on growing consumer demand for foods that are “fresh and local”, and beefing up their pharmacy presence to serve health-conscious customers.
Lynch says the Chapter 11 reorganization actually increased employee morale: “Here is a company that could have been extinct. We saved it, we’re on track, we’re stable, we have cash and haven’t even gone into the line (of credit) since I’ve been here. So they have jobs and think about this environment people are in today, where it’s tough. They’re feeling good about the direction of the company. They like seeing the stores remodeled. I think morale is very good at Winn-Dixie today.”
He said that customers are also responding favorably to both the physical and attitude changes the company has implemented since its Chapter 11 bankruptcy reorganization: “We think we’re on track to getting stores back to where consumers feel very proud to shop there again...The good news is they are coming back, but it doesn’t happen overnight.”
If you need more information about what filing Florida business bankruptcy might do for your company, contact our Jacksonville, Florida bankruptcy law firm.
Greg Gilbert
Keith Maynard
