April 16, 2019
Fred’s, Inc. plans to close 159 underperforming and unprofitable stores by the end of May, while 398 other stores will remain open. The Memphis, TN-based retailer also hired PJ Solomon to look at ways to maximize shareholders value.
Fred’s Joseph Anto says, “After a careful review, we have made the decision to rationalize our footprint by closing underperforming stores, with a particular focus on locations with shorter duration leases. Most of these stores have near-term lease expirations and limited remaining lease obligations.”
Fred’s is also continuing try to find a buyer for its remaining pharmacy assets that are considered non-core. Last year, Walgreens acquired the pharmacy patient prescription files and related pharmacy inventory of 179 Fred’s stores located across 10 Southeastern states.
Fred’s traces its history to an original store in Coldwater, MS that opened in 1947. It combines a value-focused retail strategy with a healthcare-focused drug store.
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