Fred's to close an additional 129 retail stores, hold inventory clearance sales
Fred's announced that it will close an additional 129 retail stores and hold inventory clearance sales across all stores in an effort to refocus its product mix, simplify its store portfolio and repay debt. Following the planned 129 closures, Fred's will have approximately 80 retail stores remaining, centered primarily around the Company's distribution center in Dublin, GA. Lists of stores that will be closed and that will remain open are included below. Fred's may evaluate re-launching certain closed stores in the future under a new operating model, with an updated assortment. The Company expects the proceeds from the inventory clearance sales will be used to repay outstanding indebtedness under its revolving credit agreement. All pharmacies will remain open and the Company will continue to fulfill prescriptions at its pharmacy locations, as it continues to pursue the sale of its remaining pharmacy locations and opportunities to monetize pieces of its real estate portfolio. The Company currently operates 166 pharmacies.