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COPYRIGHT 2005 The Miami Herald
Byline: Elaine Walker
Feb. 23--Winn-Dixie bought itself some time and money by filing for bankruptcy protection and hopes to remake itself in the image of its South Florida stores.
But industry experts remain skeptical about the long-term future of a supermarket chain that was born in Lemon City.
The Jacksonville-based company, which is one of South Florida's largest employers, will have to scale back its operations as it attempts to fight off the competitive squeeze from Wal-Mart stores and Publix Super Markets.
Faced with increasing losses and pressure from suppliers, Winn-Dixie filed for Chapter 11 bankruptcy protection late Monday night in the New York bankruptcy court with plans to reorganize. The company also secured an $800 million loan from Wachovia Bank that will enable the doors to remain open at least for now at the chain's 920 stores.
"The environment is against them," said Mitchell Corwin, an analyst with Morningstar in Chicago that covers the supermarket...
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