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
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
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
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
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
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
DEERFIELD, Ill. — By agreeing to sell 865 Rite Aid stores to Fred’s Inc., Walgreens Boots Alliance Inc. and Rite Aid Corp. have likely removed a major barrier to the approval and completion of their pending merger. The sale is, however, dependent on WBA first completing its acquisition of Rite Aid. The sale is a
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
MEMPHIS — Fred’s Inc. said it plans to shut 40 underperforming stores in the first half of next year. Fred’s reported a net loss for its fiscal 2016 third quarter, and declined to take any questions from analysts during its postponed conference call, citing “a pending transaction.” The company said there was no certainty that
MEMPHIS, Tenn. — In reporting a net loss for its fiscal 2016 third quarter, Fred’s Inc. said it plans to shut 40 underperforming stores in the first half of next year. Fred’s also announced at the start of its earnings call that it wouldn’t take any questions from analysts following its quarterly report — which
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