BOSTON — Fred’s has once again tapped SB360 Capital Partners as their exclusive consultant to conduct store closing sales in all 81 remaining Fred’s locations. SB360 Capital Partners has closed 442 Fred’s locations since April of this year. Fred’s filed a voluntary petition for Chapter 11 on Monday in the U.S. Bankruptcy Court for the District
DALLAS, Texas — Fred’s announced Monday that the company has filed for voluntary relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. The company has also filed a motion seeking interim and final approval of the U.S. Bankruptcy Court to enter into a proposed debtor-in-possession financing
MEMPHIS, Tenn. — Fred’s Inc. announced on Friday that it will shutter another 129 retail stores, leaving it with only about 80. The move is the latest in a series of store closings (including announcements in April and May) from the retailer, which had 568 stores in 15 states as recently as February, according to
MEMPHIS — Fred’s Inc. announced Thursday it is closing 104 underperforming stores as part of an “ongoing effort to rationalize its store footprint.” The new round of closings comes five weeks after the Memphis-based company started “going out of business” liquidation sales at 159 stores and follows an evaluation of store performance and timing of lease
MEMPHIS — Fred’s Inc. announced in a filing with the Securities and Exchange Commission that Joseph Anto is now the chief executive officer of the company, effective February 3. The board made the appointment on January 30. Previously, Anto served as Fred’s interim CEO as well as chief financial officer. Heath Freeman, chairman of the
MEMPHIS — Fred’s Inc. announced last month that it will soon be moving its corporate headquarters from Memphis to Dallas — a move that doesn’t come as a surprise. Fred’s, which is a general merchandise and pharmacy chain, recently listed job postings for a variety of positions, including director of human resources, corporate, digital marketing
DEERFIELD, Ill. and MEMPHIS, Tenn. — Walgreens and Fred’s announced today that they have entered into a definitive asset purchase agreement, where Walgreens will acquire pharmacy patient prescription files and related pharmacy inventory of 185 Fred’s stores located across 10 Southeastern states. Under the terms of the agreement, the aggregate consideration to be paid by
MEMPHIS — During its earnings call Friday, Fred’s Inc. announced it is evaluating options for its retail pharmacy portfolio and “actively pursuing a sale” of its specialty pharmacy business, as it reported financial results for the 2017 fourth quarter and fiscal year ended February 3. The company’s financial results were originally slated to be released
MEMPHIS — Fred’s Inc. has announced plans to sell its specialty pharmacy business. The disclosure led the company to delay publication of its fourth quarter and 2017 full-year results. An earnings call that was slated for today is now expected to be held May 4. A filing yesterday with the Securities and Exchange Commission says
MEMPHIS, Tenn. — Joseph Anto has joined Fred’s Inc. as executive vice president and chief financial officer, taking over from Jason Jenne, who is leaving the company. Anto comes to Fred’s from newspaper company MediaNews Group Inc. (DigitalFirst Media), where he was senior vice president of strategy and M&A. Jenne, who only served as Fred’s
MEMPHIS, Tenn. — Fred’s Inc. reported a bigger year-over-year loss for its fiscal 2017 third quarter and plans to cancel its dividend and explore the sale of non-core assets. Fred’s said Wednesday that for the third quarter ended Oct. 28, it reported a net loss of $51.8 million or $1.38 per share, compared with a net loss of $38.4
MEMPHIS, Tenn. — Fred’s Inc. has named recently added board member Heath Freeman, president and founding member of Alden Global Capital LLC, as chairman. Also on Wednesday, Fred’s reported a net loss for its fiscal 2017 second quarter. Adjusted earnings per share (EPS) were in line with Wall Street’s forecast. Freeman, who joined the Fred’s board
NEW YORK — Walgreens Boots Alliance Inc. (WBA) and Rite Aid Corp. are rescheduling the waiting period for a downsized store sale agreement reached upon the termination of their planned merger. According to recent filings with the Securities and Exchange Commission, WBA and Rite Aid agreed to withdraw their initial Hart-Scott-Rodino (HSR) Antitrust Improvements Act
MEMPHIS, Tenn. — Fred’s Pharmacy reported decreased sales for August despite an improvement in comparable-store results. Fred’s said Thursday that sales for the four weeks ended Aug. 26 totaled $153 million, down 4.2% from $159.7 million a year earlier. The company attributed the decline mainly to the closing of 39 underperforming stores in the first
