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FRED

Fred's

$0.43

-0.0026 (-0.60%)

09:03
07/12/19
07/12
09:03
07/12/19
09:03

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.

FRED Fred's
$0.43

-0.0026 (-0.60%)

09/10/18
LOOP
09/10/18
NO CHANGE
Target $2
LOOP
Hold
Fred's sells pharmacy files to Walgreens for 'good valuation,' says Loop Capital
Loop Capital analyst Andrew Wolf noted that Fred's (FRED) announced that Walgreens (WBA) will acquire pharmacy prescription files and related pharmacy inventory of 185 Fred's stores located across 10 Southeastern states subject to regulatory approval. The deal values the prescript files at $165M, which the analyst views as a "good valuation" particularly since Walgreens will also acquire the associated pharmacy inventory for up to $36M. Wolf believes the strategic basis for Walgreens to pay this "solid" valuation for the prescription files from Fred's was fortified by its recent purchase of 1,932 Rite Aid (RAD) stores, many in the same Southeastern footprint as Fred's. The analyst reiterates a Hold rating and $2 price target on Fred's shares.

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