Southeastern Grocers, the Jacksonville-based parent company of the Winn-Dixie and Harveys supermarket chains, is officially pulling the plug on its plans to take the company public — at least for the time being.
The company filed notice with the Securities and Exchange Commission late Friday, asking to withdraw its registration statement on Form S-1. This form is the initial registration that must be filed by a U.S. company in advance of an initial public offering (IPO).
The letter states: “The Company is applying for withdrawal of the Registration Statement because the Company has determined not to pursue the contemplated offering at this time. The Company hereby confirms that no securities have been or will be sold pursuant to the Registration Statement.”
The letter also asks that "all fees paid to the Commission in connection with the filing of the Registration Statement be credited for future use," so the door isn't completely shut on the possibility of an IPO in the future.
Read the full letter here.
WJCT News reached out to Southeastern Grocers through a spokeswoman, but did not hear back by the time of publication. This article will be updated with any response.
The grocer, which also operates Fresco Y Más supermarkets in other areas, initially announced the launch of the IPO on January 21, 2021. It planned to sell 8.9 million shares of its common stock at an anticipated $14 to $16 per share.
Southeastern Grocers had applied to be listed on the New York Stock Exchange under the symbol “SEGR.”
Several days later, on January 28, 2021, the company announced it had decided to postpone its initial public offering. While it did not cite a specific reason, it noted that “The Company will continue to evaluate the timing for the proposed offering as market conditions develop.”
Reuters news service reported in January that Southeastern Grocers was pulling the IPO because investors were not willing to meet its targeted price range.
According to the trade publication Grocery Dive, SEG previously filed for an IPO in 2013 but withdrew that plan in 2014.
SEG was formed in 2012, after Winn-Dixie Stores Inc. merged with BI-LO LLC. Both Winn-Dixie and Bi-Lo went through Chapter 11 restructurings before their merger. And SEG itself also filed for a Chapter 11 bankruptcy reorganization in 2018.
After selling off more than 80 BI-LO stores in 2020, Southeastern Grocers now operates stores in Alabama, Florida, Georgia, Louisiana and Mississippi.
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