Fred’s, Inc announced that it will begin to close underperforming and unprofitable stores.
Liquidation sales at the 159 stores currently designated for closure will begin today while the company’s 398 other stores will remain open.
Joseph Anto, Fred’s Chief Executive Officer, stated in a release “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. Decisions that impact our associates in this way are difficult, but the steps we are announcing are necessary. We will make every effort to transition impacted associates to other stores where possible.”
Fred’s intends to close all 159 impacted stores by the end of May 2019. Fred’s has partnered with Malfitano Advisors, LLC and SB360 Capital Partners to help manage the process and ensure a seamless experience for customers.
Of the 159 stores listed, a small portion will close in Tennessee. The Fairview and Columbia location will remain open while the Murfreesboro location will close.
Fred’s Inc is headquartered in Memphis opening in 1947. Fred’s operates 557 discount value stores and its mission is to make it easy AND exciting to save money. Its unique format offers customers a full range of value‐priced everyday items, along with terrific deals on closeout merchandise throughout the store. For more information about the Company, visit Fred’s website at www.fredsinc.com.