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Fred’s Inc.

Fred’s reports second quarter results

Fred’s reports second quarter results

MEMPHIS, Tenn. — Fred’s, Inc. reported financial results for the second quarter and six months ended August 4, 2018. Net sales down 4.3% to $419.7 million in second quarter 2018 versus $438.5 million 2017. Fred’s Interim chief executive officer and chief financial officer, Joe Anto, stated, “We are continuing to make progress against our two main

CVS to acquire Fred’s specialty pharmacy business

CVS to acquire Fred’s specialty pharmacy business

MEMPHIS — Fred’s Inc. has reported that CVS Health is purchasing its specialty pharmacy business EntrustRx for $40 million. The general merchandise and pharmacy store announced yesterday afternoon that it had reached a definitive agreement to sell certain assets of its specialty pharmacy unit — EntrustRx — to CVS Health for $40 million “plus an

Fred’s pursuing sale of specialty pharmacy business

Fred’s pursuing sale of specialty pharmacy business

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

Fred’s Inc. CEO Michael Bloom resigns

Fred’s Inc. CEO Michael Bloom resigns

MEMPHIS, Tenn. — Fred’s Inc. announced on Friday that chief executive officer Michael Bloom resigned from his post, effective on April 24. He also resigned from his seat on the company’s board. Joseph Anto, the company’s executive vice president, chief financial officer and secretary, will serve as interim chief executive officer. Michael Bloom “The Board

WBA, Rite Aid amend terms of merger deal

DEERFIELD, Ill. — Walgreens Boots Alliance Inc. (WBA) and Rite Aid Corp. have extended the end date for their merger by six months, and have indicated a willingness to sell up to 1,200 Rite Aid stores to win Federal Trade Commission approval for the deal. Originally WBA said it was willing to divest up to

Fred’s strengthens management team

MEMPHIS — Fred’s Inc. has strengthened its executive leadership team with two recent hires and a promotion. Most recently the regional discount and drug chain added Gregory Froton as senior vice president of merchandising, general merchandise, and promoted Kimberley Felice-Dooley to the position of senior vice president of merchandising, consumables. In December the company appointed

Fred’s agrees to buy 865 Rite Aid stores

Fred’s agrees to buy 865 Rite Aid stores

NEW YORK — Walgreens Boots Alliance Inc. (WBA) and Rite Aid Corp. have entered into an agreement to sell 865 Rite Aid stores and certain assets related to store operations to Fred’s Inc. for $950 million. The all-cash transaction, announced Tuesday, is subject to Federal Trade Commission approval, as well as the completion of the

Fred’s sees sales decline in September

Fred’s sees sales decline in September

MEMPHIS, Tenn. — Impacted by pricing pressure and pharmacy industry trends, Fred’s Inc. reported decreased revenue and same-store sales for September. The discount retail and pharmacy chain said Thursday that for the five weeks ended Oct. 1, sales totaled $199.9 million, down 5.5% from $211.4 million a year earlier. Same-store sales fell 4.9% for September,

Fred’s Pharmacy ramps up telehealth access

Fred’s Pharmacy ramps up telehealth access

CANTON, Miss.  ─ Fred’s Inc. is expanding access to telehealth services at its in-store pharmacies. Technology provider TelehealthONE said it will roll out its telehealth kiosks to more Fred’s Pharmacy locations. Plans call for the nine TelehealthONE stations to be deployed at Fred’s stores in Union, Pelahatchie, Carthage, Morton, Jackson, Pearl, Clinton, Lexington and Terry,

Foley leaves Walgreens to join Fred’s exec team

MEMPHIS — Fred’s Inc. has hired retail pharmacy veteran John Foley as executive vice president of store operations. Foley assumed his duties on October 7. He succeeded Mike Holligan, who was named to the open position of regional vice president of store operations for Fred’s. Foley is expected to help Fred’s continue to develop a

Fred’s enlists A.T. Kearney to spur Rx business

Fred’s enlists A.T. Kearney to spur Rx business

MEMPHIS, Tenn. — Fred’s Inc. has retained global management consulting firm A.T. Kearney to help the retailer grow its pharmacy business. In reporting June sales on Thursday, the discount store chain noted that its expanded specialty pharmacy operation were a key driver of revenue growth for the month. The company in April closed a $66

Fred’s closes specialty Rx acquisition

Fred’s closes specialty Rx acquisition

MEMPHIS, Tenn. — Fred’s Inc. has wrapped up its acquisition of Reeves-Sain Drug Store Inc., including its EntrustRx specialty pharmacy. Under the $66 million deal, announced in late March, Fred’s acquired Reeves-Sain Drug Store’s EntrustRx specialty pharmacy operation, which has facilities in Spring Hill, Tenn., and Columbus, Miss., and the single Reeves-Sain retail pharmacy in