MS_1170x120

Fred’s Inc.

Fred’s revamps its board of directors

Fred’s revamps its board of directors

MEMPHIS, Tenn. — Fred’s Inc. has overhauled its board of directors, including the appointment of chief executive officer Michael Bloom and retail industry veterans Christopher Bodine and Peter Bocian as members. Fred’s said Tuesday that Bloom, Bodine and Bocian join the board effective immediately. Former Fred’s CEOs Jerry Shore and Michael Hayes and longtime director

Fred’s appoints senior VPs of merchandising, supply chain

Fred’s appoints senior VPs of merchandising, supply chain

MEMPHIS, Tenn. — Fred’s Inc. has appointed senior vice presidents for general merchandise and consumables merchandising, including the hiring of a former CVS Health executive, and named a senior vice president to oversee its supply chain. The discount and pharmacy retailer said late Monday that Gregory Froton has joined the company as senior VP of

Fred’s readies funding for more Rite Aid stores

Fred’s readies funding for more Rite Aid stores

MEMPHIS, Tenn. — Fred’s Inc. has amended a revolving credit facility to provide funding in the event that it must acquire additional Rite Aid stores in connection with the pending Walgreens-Rite Aid merger. According to a filing with the Securities and Exchange Commission, Fred’s is increasing its revolving loan commitment to $225 million from $150

Fred’s: Deal to buy Rite Aid stores still in effect

Fred’s: Deal to buy Rite Aid stores still in effect

MEMPHIS, Tenn. — Fred’s Inc. has reaffirmed its $950 million deal to buy 865 Rite Aid stores to be divested for antitrust clearance of Walgreens Boots Alliance’s pending acquisition of Rite Aid Corp. Fred’s said late Monday that “the asset purchase agreement it entered into on Dec. 19, 2016, with Walgreens and Rite Aid remains

Transformation of Fred’s accelerates with acquisition

MEMPHIS — Fred’s Inc. has taken a huge step forward on its path toward becoming a major drug store chain by agreeing to buy 865 Rite Aid locations from Walgreens Boots Alliance Inc. (WBA) and Rite Aid Corp. for $950 million in cash. The transaction, which also includes certain assets related to store operations, is

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 is subject to Federal Trade Commission approval, as well as the completion of the pending acquisition

Fred’s reports decreased sales for October

Fred’s reports decreased sales for October

MEMPHIS, Tenn. — Sales continued to slump at Fred’s Inc. as the company posted declines for October. Fred’s said Thursday that revenue for the four weeks ended Oct. 29 totaled $157.3 million, down 4.2% from $164.2 million a year earlier. Same-store sales decreased 3.4%, compared with a 2.3% uptick a year ago. “While we continue

Fred’s gets new CEO

MEMPHIS — Fred’s Inc. has promoted Mike Bloom, its president and chief operating officer, to succeed chief executive officer Jerry Shore. Bloom’s promotion took effect August 29, the date the retailer announced that Shore was stepping aside as CEO and planned to retire in February. Bloom, a former executive with CVS and Family Dollar Stores,

Bloom succeeds Shore as CEO of Fred’s

Bloom succeeds Shore as CEO of Fred’s

MEMPHIS, Tenn. — Fred’s Inc. president and chief operating officer Michael Bloom has been named as chief executive officer, succeeding Jerry Shore, who is retiring. Bloom takes the CEO reins effective immediately, and plans call for Shore to retire from the company in February, Fred’s said Tuesday. “I am honored and humbled to be given

'