Bi-Lo Holdings, the parent company of Winn-Dixie and Bi-Lo grocery chains, has cancelled its plans to go public. The company, based in Jacksonville, had filed last September for an initial public offering of up to $500 million.
Bi-Lo withdrew those plans in a filing Tuesday with U.S. Securities and Exchange Commission. It did not give a reason, and the company has not responded to the Times-Union’s request for a response.
“With not very exciting topline revenue and growing losses … it’s over leveraged. They don’t have the numbers that investors are interested in,” Francis Gaskins, research director at Equities.com, told Reuters.
The company has 830 stores in eight Southeastern states under the Bi-Lo, Winn-Dixie and Harveys brands.