The Florida-based company that operated under the BI-LO and Winn-Dixie supermarket brands has withdrawn plans for a public stock offering, reversing its intent to raise up to $500 million, according to a filing with the U.S. Securities and Exchange Commission.
Southeastern Grocers LLC in its filing gave no reason for the withdrawal, saying only "the company has determined not to pursue the contemplated public offering at this time."
SEC officials hadn't declared the company's registration statement effective under the Securities Act of 1933 and no securities were sold in connection with the contemplated offering, according to Brian Carney, identified in the filing as Southeastern's executive vice president and chief financial officer.
Carney couldn't be reached for comment Friday.
SEC filings show Southeastern was created in February 2010 in connection with the BI-LO Holding LLC reorganization proceedings under Chapter 11 of the U.S. Bankruptcy Code. Carney was BI-LO's chief financial officer when the grocer was based in Mauldin.
The headquarters was transferred to Jacksonville, Fla., after BI-LO merged with Winn-Dixie.
It wasn't known if the withdrawal of the proposed stock offering would affect BI-LO's operations in the Southeast, including South Carolina.
In its registration statement with the SEC last November, Southeastern said for the fiscal year ended Dec. 26, 2012, it generated approximately $8.5 billion of nets sales, with approximately $103.1 million of net income.