RICHMOND, Va. — GPM Investments announced that drugstore and dollar-store veteran Michael Bloom will join the convenience-store company’s executive team in the newly created role of executive vice president and chief merchandising and marketing officer. In his new role with GPM, Bloom will be responsible for the company’s entire merchandising and marketing team, as well
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
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
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
MEMPHIS, Tenn. — Later this month, Alden Global Capital LLC president and founding member Heath Freeman is slated to join the board of directors at Fred’s Inc. Fred’s also said Monday that retail pharmacy veteran Christopher Bodine resigned from the board as of Aug. 11. Bodine, a longtime CVS executive, had joined Fred’s board in
MEMPHIS, Tenn. — Fred’s Pharmacy reported decreased revenue and same-store sales for June but noted positive results in its pharmacy business. Fred’s said Thursday that for the five weeks ended July 1, sales totaled $197.5 million, down 5.3% from $208.5 million a year earlier. The company attributed the decline the closing of 39 underperforming stores
MEMPHIS, Tenn. — Fred’s Pharmacy posted a fiscal 2017 first-quarter net loss, stemming largely from charges related to store closings and its planned purchase of at least 865 Rite Aid stores. Fred’s said Tuesday that for the first quarter ended April 29, the company had a net loss of $36.5 million, or 98 cents per
MEMPHIS, Tenn. — Fred’s Pharmacy saw same-store sales edge up in May, though store closings led to a year-over-year revenue decline for the month. Fred’s said Thursday that sales for the four weeks ended May 27 totaled $160.1 million, down 3.1% from $165.2 million a year earlier. The company attributed the sales decrease to the closure
MEMPHIS, Tenn. — Fred’s Pharmacy reported declined sales for April and its fiscal 2017 first quarter, though seasonal business lifted same-store sales for the month. Fred’s said Thursday that sales for the four weeks ended April 29 totaled $159.1 million, down 3% from $163.9 million a year earlier. April same-store sales edged up 1.2% year
SCOTTSDALE, Ariz. — The National Association of Chain Drug Stores announced new officers, a new executive committee member and two new board members for the 2017-18 term. NACDS said Monday that Alex Gourlay, co-chief operating officer of Walgreens Boots Alliance, was elected chairman of the NACDS board of directors at the 2017 NACDS Annual Meeting
MEMPHIS, Tenn. — Fred’s Inc. has appointed two new board members as part of an agreement with hedge fund Alden Global Capital LLC, the discount and pharmacy chain’s largest shareholder. Fred’s said Monday that Steven Rossi, chief executive officer of Digital First Media, and Timothy Barton, founder and former CEO of Freightquote.com, have been named
MEMPHIS, Tenn. — Fred’s Inc. reported declined sales and net losses for its 2016 fourth quarter and fiscal year as it awaits regulatory approval to buy up to 1,200 drug stores in connection with the Walgreens-Rite Aid merger. Fred’s said Thursday that sales for the fourth quarter ended Jan. 28, 2017, fell 4.5% to $529.7
