Southeastern Grocers, the parent company of Winn Dixie, Bi-Lo, Fresco y Más and Harveys Supermarket, has filed a court-supervised, prepackaged restructuring agreement to reduce its debt by more than $500 million.

"We have not taken these steps without careful planning and consideration," the company said. "It is our goal to work through our financial restructuring as quickly and efficiently as possible, and we will emerge from this process likely within the next 90 days."

As part of the restructuring Southeastern Grocers said it will close 94 underperforming stores in Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina and South Carolina.

The company operates 582 stores across the southern United States. 

"The story for our company and for our iconic, heritage banners is still being written," the company said. "As part of this transformational process, our three-year plan will create stunning, remodeled stores in a significant portion of our footprint. This revitalization will also provide our customers with fresh, new concepts and products to cater to the local tastes and needs of the neighborhoods we serve."