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Winn-Dixie Tests Landlords

JACKSONVILLE, FL-Individual owners of stand-alone properties could get hurt the most.

By Michelle Napoli | Updated on March 01, 2005

Michelle Napoli is the editor of Real Estate Media’s Net Lease Forum. For the full story, please click on Net Lease Forum .

JACKSONVILLE, FL-It’s no secret that Winn-Dixie Stores Inc., like many of the nation’s traditional grocers, has been struggling in the face of increasing competition, particularly from Wal-Mart’s steady expansion into the grocery business. Now, Winn-Dixie has filed for Chapter 11 bankruptcy reorganization, and landlords are left wondering whether the locations they own may eventually go dark.

The company said in announcing its bankruptcy filing that it intends to “evaluate the performance of every store and the terms of every lease in the company’s real estate portfolio with the objective of achieving a rationalized store footprint that allows the company to operate profitably and increase cash flow and return on invested capital.” Winn-Dixie has already received bankruptcy court approval to reject the leases on 148 locations that were already closed.

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