Fred’s filed a voluntary petition for Chapter 11 on Monday in the U.S. Bankruptcy Court for the District of Delaware. The court gave interim approval yesterday to the retention of SB360 as a consultant for the sale.
The company expects to continue fulfilling pharmacy prescriptions at most of its pharmacy locations, while it continues to pursue the sale of its pharmacies as part of the court supervised proceedings.
Fred’s was founded in 1947 and serves small communities throughout the southeastern United States. Fred’s offers value-priced products across categories that fulfill everyday needs – food, fresh goods, snacks, soda, toiletries, over-the-counter medications, household products, hardware, sporting goods, lawn & garden, toys, and much more. Aside from big-box competitors, Fred’s is frequently the dominant value retailer in the communities that it serves.
Ziggy Schaffer, executive vice president of SB360, said, “Fred’s stores are well known and a part of everyday life in the communities they serve. Shoppers know they can find what they want when they want it, and always at a value-price.”
“In many of their locations, Fred’s stores are the most convenient shopping destination,” said Aaron Miller, executive vice president of SB360. “Fred’s customers are in the store every week, and in some cases, multiple times each week.”
Schaffer and Miller agreed the customer response will be overwhelming. “What we’ve seen over the last few months is how quickly customers respond to the closing sales. They buy cartloads. They buy in bulk. The discounts we offer off Fred’s lowest marked price allows customers to stock up and have money left over. It’s value on top of value.”
Miller continued, “We encourage shoppers to take advantage of the great deals early in the sale. Quantities are very limited, and we expect shelves to clear quickly.”
For a complete Fred’s store list, visit www.fredsinc.com.