Posted on 06/21/2005 1:28:55 PM PDT by BurbankKarl
NEW YORK (CNN/Money) - Bankrupt grocery chain Winn-Dixie said Tuesday it would close about a third of its 913 stores and cut 22,000 jobs as part of a plan to restructure and emerge from bankruptcy.
The job cuts represent about 28 percent of Winn-Dixie's total work force. The cuts will affect stores as well as corporate offices, the company said in a statement.
The Jacksonville, Fla.-based supermarket chain said it's closing or selling 326 stores to focus on its most profitable markets.
"Creating a smaller, but more profitable store base will best position Winn-Dixie for long-term financial health and a successful future," Winn-Dixie CEO Peter Lynch said in a statement.
The company would have about $7.5 billion in annual revenue after disposing of the stores, down 25 percent from its current $10 billion, it said.
Winn-Dixie also plans to sell its dairy and pizza plants in Montgomery, Ala., and a beverage plant in Fitzgerald, Ga.
(Excerpt) Read more at money.cnn.com ...
Another American company run into the ground by its management and who suffers?
pinging willie green
"Another American company run into the ground by its management and who suffers?"
Among other people, the owners of the company.
Bushs Fault!
I'm not trying to trivialize the closures, but other grocery chains will purchase the building and expand their business into that area, and that number of lost jobs will be recreated. Should break even, although the in-between phase sucks.
Sounds like what Nash Finch is doing to Econo Foods out in the mid-west. District Managers who don't know their you know what from a hole in the ground making it impossible for store managers to manage their stores.
Management? Too rapid expansion?
I notice that nowhere there in no mention of a union being involved in the process.
Wal-Mart's hiring...
I hate to hear it, but it was bound to happen. Their prices are sky high. Wal-Mart has been putting a beating to them.
What else wasn't mentioned is that WD stores are small, dirty, dank, disorganized, have a poor selection, and are a general all around poor place to shop.
WalMart.
I don't blame Wal-Mart one bit. Kroger, Harris Teeter, and Lowes are surving just fine in my Area with Wal-Marts and Super Targets a plenty.
walmart? Publix is more like it.
If Wal Mart killed WD, why are Kroger, Lowes, and Harris Teeter doing just fine in the same areas that WD failed?
Speaking from New Orleans, the Winn Dixie's here have been going downhill for a long time.
ANYTIME a locally owned, SINGLE site, market can beat Winn Dixie's prices, you know a chain is in trouble. This local store was always considered 'high end' and not a place to find bargains. Winn Dixie is 3 blocks away. It's parking lot is empty, while this little market's lot is packed!
Winn Dixie's meat is terribly overpriced. They must throw it away by the truckload, because it is NEVER reduced. There is a ton of waste going on. I, personally, witnessed a stack of bakery goods as tall as I am being put in the dumpster. They USED to put the expired cakes,muffins etc into a 'reduced' basket- and it all sold. Now they pitch it out.
You'd think they'd see when they have their sales, the store is packed, then when the high prices return the store is empty- that they would LOWER PRICES and get customers, but no.
THat and the total lack of service, teen/ignorant employees and stores just not kept up, is doing Winn Dixie in. You can FEEL it when you walk in- no one gives a damn. And so they go. Compete or die. When you want people to pay $5 for 10lbs of potatoes one week, then have a sale and they're $1 the next week- it's BAD corporate thinking.
You're right. We have a Winn-Dixie about five minutes away from our house. A gallon milk there is more expensive than at the convenience store around the corner. I don't go to Winn-Dixie unless I have no other choice.
Explain that.
I want a Wal Mart in my neighborhood
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