Winn-Dixie bought out in $650 million deal

MIAMI – One of Florida's largest supermarket chains was just bought out.

Bi-Lo supermarkets announced on Monday that it is buying the Winn-Dixie chain for $650 million.

The new combined company will have nearly 700-stores and 63,000 workers.

Bi-Lo, which is based in South Carolina, said no store closings are expected and that the Winn-Dixie name will remain because of its strong brand recognition.

Shares of Winn-Dixie jumped about 70 percent in early trading on Monday.