Save A Lot has completed a comprehensive recapitalization of the businesses, which eliminated $500 million in debt and provided an infusion of $350 million in new capital, which will help support the company’s operation and acceleration of its transformation plan.
“With the completion of this recapitalization, we are moving forward with a substantially stronger financial foundation as we continue serving our customers and executing our transformation plan,” said Kenneth McGrath, CEO of Save A Lot, in a statement. “Our ability to achieve this outcome through a fully consensual and out-of-court agreement is a significant achievement and reflects the confidence of our new owners and lenders in our business model and long-term growth prospects. We thank our vendors and retail partners for their trust and support throughout this process and we look forward to continuing to work closely with them into the future.”
Related: Save A Lot Closes Florida Locations; Save A Lot to Receive $138 Million Infusion.
Photo: Save A Lot
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