The company initiated the acquisition discussions as a means of addressing the debt incurred as a result of its recent ESOP conversion along with increasing competition, particularly around Charleston.
[6] In November of the same year, the company announced that they were shutting down their distribution centers in North Charleston and Jedburg, South Carolina.
Going forward, the company's 32 remaining corporate stores and its 28 franchised locations would be supplied by C&S Wholesale Grocers' warehouse in Greenville, South Carolina.
C&S Wholesale Grocers would acquire the operations, which included branding, marketing, store support, accounting and IT services, and Piggly Wiggly's Greenbax customer loyalty program for $9.3 million.
Also, an undisclosed number of senior executives would be paid a total of $700,000 to be split among them if they agree not to work for a competing business for at least four years.