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11/24/09 - Bi-Lo Says No to Food Lion
CHARLOTTE, N.C. - Bi-Lo has turned down Food Lion's October offer of $425 million for a majority share in the bankrupt company, according to the Charlotte Observer. The Mauldin, S.C.-based grocery chain prefers to exit bankruptcy as an individual entity, the newspaper reports, and the company's owners and creditors have both submitted reorganization plans that would maintain Bi-Lo's independence, with 200 stores and 14,000 employees in the southeast. The company filed for Chapter 11 bankruptcy in March.
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