Earlier this year it was reported that Food Lion was making a bid to take over Bi-Lo Supermarkets. Bi-Lo has been in financial trouble for some time, but the troubled grocery store chain has found an infusion of cash to the tune of $350 million. Lone Star funds has now committed to giving Bi-Lo the money it needs to reorganize it’s debt.
Michael Byars, CEO of Bi-Lo, said “as we work toward a successful restructuring, we will continue to provide our customers and communities with the service they have come to expect.” Some are residents were hopeful that a new owner would be found for Bi-Lo and that the Summerville store would be re-opened. There are no known plans for Bi-Lo to re-open any closed stores according to officials.