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 manager, vice president of loss prevention and executive administrative assistant. The location for all of these openings was Dallas.
Mayor of Memphis Jim Strickland, along with Shelby County’s Economic Development Growth Engine Industrial Development Board, failed to convince the company to stay put.
Severance packages, according to reports, have been offered to the chain’s employees in Memphis.
In June, Fred’s sold its specialty pharmacies for $40 million, and in September it announced layoffs of 80 employees. Fred’s is currently restructuring after plans to expand its pharmacy brand fell through. Fred’s was also in the running to acquire numerous Rite Aid Corp. stores, but the Federal Trade Commission denied it.
According to sources, even after relocating to Dallas the company plans to retain a small corporate presence in Memphis. It’s unclear exactly when Fred’s headquarters will be moving.
Fred’s is also planning to keep its distribution center in the Mid-South region, though at a new location.