Winn-Dixie Says It Has Insurance to Cover Losses From Recent Hurricanes
JACKSONVILLE, Fla. - Winn-Dixie Stores, Inc. said late last week that it expects to be fully covered for losses due to Hurricanes Charley, Frances, Ivan, and Jeanne in excess of its $10.3 million annual insurance deductible.
In addition, the retailer said its quarterly earnings shouldn't be affected by the storms.
Winn-Dixie said its windstorm insurance covers losses resulting from inventory damage, property damage, power outages, preparation and cleanup expenses, and civil authority closings, and it also includes business interruption coverage.
The company added that extended store closings across the company have been limited. Currently, one store is closed as a result of Hurricane Charley, one store is closed as a result of Hurricane Frances, one store is closed as a result of Hurricane Ivan, and two stores are closed as a result of Hurricane Jeanne. The company's distribution centers and manufacturing facilities have not been affected significantly and are fully operational.
According to Winn-Dixie, its ongoing lead market initiative in Miami-Ft. Lauderdale remains on track despite the severe weather. To date, the company has completed 18 store makeovers as planned and is on track to complete a total of approximately 60 of the targeted 92 stores by Thanksgiving.
Winn-Dixie noted that it is supporting local officials and the Red Cross to offer services and resources to help in the recovery effort.
In addition, the retailer said its quarterly earnings shouldn't be affected by the storms.
Winn-Dixie said its windstorm insurance covers losses resulting from inventory damage, property damage, power outages, preparation and cleanup expenses, and civil authority closings, and it also includes business interruption coverage.
The company added that extended store closings across the company have been limited. Currently, one store is closed as a result of Hurricane Charley, one store is closed as a result of Hurricane Frances, one store is closed as a result of Hurricane Ivan, and two stores are closed as a result of Hurricane Jeanne. The company's distribution centers and manufacturing facilities have not been affected significantly and are fully operational.
According to Winn-Dixie, its ongoing lead market initiative in Miami-Ft. Lauderdale remains on track despite the severe weather. To date, the company has completed 18 store makeovers as planned and is on track to complete a total of approximately 60 of the targeted 92 stores by Thanksgiving.
Winn-Dixie noted that it is supporting local officials and the Red Cross to offer services and resources to help in the recovery effort.