Daily Record Financial News &
Wednesday, November 15, 2017
Vol. 105, No. 001 • One Section
35¢
www.jaxdailyrecord.com
Debt issues at Winn-Dixie parent Reports say Southeastern Grocers could be headed for Chapter 11 bankruptcy.
By Mark Basch Contributing Writer More than a decade after it emerged from a Chapter 11 bankruptcy restructuring, several reports in recent days say debt issues could force Winn-Dixie’s current owner, Southeastern Grocers LLC, into another Chapter 11
reorganization filing. Moody’s Investors Service last week downgraded its ratings on Southeastern, saying the supermarket company’s operating performance is improving but it is having difficulty paying $900 million in debt coming due in the next two years. “The high refinancing risk due
to the company’s significant debt maturities in 2018 and 2019 is a cause for concern as the current capital structure is unsustainable and the weak liquidity primarily due to the significant debt maturities increases the probability of a distressed exchange, hence the downgrade,” Moody’s Vice President Mickey Chadha said in a news
release. “From an operating performance standpoint Bi-Lo has demonstrated improvement in EBITDA (earnings before interest, taxes, depreciation and amortization) and credit metrics and we expect this trend to continue,” he said. Debt
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Jaffa plans a ‘unique’ car wash
Former CarbuX owner promising “something very few people in the country are doing and no one in Jacksonville is doing.” By Karen Brune Mathis Editor Andrew Jaffa and his father, James, sold their four CarbuX express car washes at year-end 2016. It didn’t take long to cycle back into the business. Andrew Jaffa spent the interim developing CarwashU, a possible multisite project. “I took a breather and I’ve been traveling around the country researching the latest and greatest in car washing,” Jaffa said. The first CarwashU is designed on property the family owns at 6929 103rd St. in West Jacksonville. A pending building permit shows a construction cost of $1 million on the almost 1.3-acre site. Jaffa said Tuesday site work would start this week. “We are going to move quickly after that,” he said. He hopes to open by April. It will be a 3-minute tunnel car wash, like some of the other new ventures in town. It will be 106 feet long and can handle more than 1,000 cars a day “if we can ever get to those volumes.” Jaffa
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Photo by Karen Brune Mathis
Andrew Jaffa, in front of a Zips car wash that formerly was one of his CarbuX locations, is launching a new express wash concept – CarwashU. “We are going to be doing some unique things that no one else in Jacksonville is doing,” he said.
Hope’s Closet awaits build-out
Church of Eleven22’s thrift store planned next to new campus in Arlington. Public
The Church of Eleven22 is preparing to build-out its Hope’s Closet thrift store ministry next to its Arlington campus in Southside Commons. The city is reviewing a permit application for Bradley Bowen Construction to renovate space at 651 Commerce Center Drive, No. 200, at a project cost of $750,000. Hope’s Closet is shown in a 26,225-square-foot space. Next door, The Church of
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Eleven22 is preparing to convert the former HHGregg store in Southside Commons for a new campus at a project cost of almost $2.7 million. The 26,200-square-foot space will be the church’s fourth location. The Church of Eleven22 is based at 14286 Beach Blvd. and has opened satellite campuses in Mandarin and Baymeadows. The Mathis
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Special to the Daily Record
A rendering filed with building plans show the area’s second Hope’s Closet thrift store planned in Southside Commons.
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