That's a significant plus up front. Then, sure, unprofitable stores that are still operating can be closed as part of the reorganization plan.
Finally, Winn Dixie has sales of about $75 per share: more than 100x the cost. Anytime you can buy $75 of annual sales for 70 cents ... do it. There's a way to take home a few percent over a few years, and they'll find it.