The balance sheets show $81 million in cash and $300 million in debt, but also indicate improvements in handling of accounts receivable and inventories. As a result, the bleeding seems to have stopped. Sure, there's still the danger of competition from other grocers and universal retailer Wal-Mart (NYSE:WMT), but investors interested in a turnaround play should keep an eye on Winn-Dixie. It still trades just above book value, and it looks like management is making all the right moves.