Winn Dixie Supermarket Chain is in bankruptcy (yet recording another huge loss in their 2005 fiscal year) after a 51 million dollar loss in fiscal year 2004. Now they report a 622 million dollar loss and some are fretting the worse may be inevitable as it looks as if emerging from bankruptcy may not be possible.
They have closed stores and warehouses to cut costs, yet were hurt also from the Hurricanes, especially Katrina. In fact some stores in fiscal year 2005 showed a 4% same store decline. Yet some of that is due to the advancement of Wal-Mart Super Center competition and the other main regional chain Publix. Winn-Dixie is closing 326 stores and three distribution centers in all and may now be forced to close more. Hurricane Wilma comes in to play in their 2006 fiscal year, which is already raising eyebrows with investors. Hurricane Katrina caused property damage and inventory loss in 110 of its stores in the effected area.
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Unfortunately the only one winning in their current situation are the lawyers racking up huge bills of over 23-million dollars to help file the necessary bankruptcy paperwork and go to court on the company's behalf. That is 23-million dollars some employees feel is too much as their pay as the company attempts to work with the Union.
Some say no matter what excuse is used in the end, that Winn-Dixie is not long for this world as the encroachment of the other competitors take on new territory. Think on this.
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