DALLAS — Fred’s announced Monday that the company has filed for voluntary relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. The company has also filed a motion seeking interim and final approval of the U.S. Bankruptcy Court to enter into a proposed debtor-in-possession financing agreement
MEMPHIS — Discount chain Fred’s Inc. announced that it will close an additional 49 underperforming stores as part of an ongoing effort to optimize store footprint. Pharmacies will remain open at all locations listed below — customers can continue to fill their prescriptions, receive vaccinations and purchase over-the-counter medications. Fred’s decision to close additional underperforming
MEMPHIS, Tenn. — Fred’s Inc. said Friday that it will close another 129 retail stores, leaving it with only about 80. The move is the latest in a series of store closings (including announcements in April and May) from the retailer, which had 568 stores in 15 states as recently as February, according to a
MEMPHIS — Fred’s will begin its latest round of shuttering underperforming and unprofitable stores, the company announced. The company also has retained PJ Solomon to advise it in connection with a review of strategic alternatives to maximize value for all shareholders. The review will include a thorough evaluation of the company’s current operating plan. The
MEMPHIS — Fred’s Inc. said a significant decline in sales in the front store contributed to a 17.2% slide in net sales to $307.1 million in its fourth quarter. Comparable-store sales declined 9.7% from the year earlier. “In our view, the primary contributors of the reduction in sales were significant decline in overall traffic precipitated
MEMPHIS — Fred’s Inc. announced earlier this month that it will begin to close underperforming and unprofitable stores. The company has retained PJ Solomon to advise it in connection with a review of strategic alternatives to maximize value for all shareholders. The review will include a thorough evaluation of the company’s current operating plan, as
MEMPHIS – Fred’s announced Thursday that it will begin to close underperforming and unprofitable stores. The company also has retained PJ Solomon to evaluate strategic alternatives to maximize value for all shareholders. The review will include a thorough evaluation of the company’s current operating plan, as well as all other potential alternatives to maximize value.
DEERFIELD, Ill. — Walgreens and Fred’s have entered into a definitive asset purchase agreement, where Walgreens will purchase pharmacy patient prescription files and related pharmacy inventory of 185 Fred’s stores located across 10 Southeastern states. Under the terms of the agreement, the aggregate consideration to be paid by Walgreens to Fred’s is $165 million, subject
DEERFIELD, Ill. — Walgreens and Fred’s announced on Monday that they have entered into a definitive asset purchase agreement, where Walgreens will acquire pharmacy patient prescription files and related pharmacy inventory of 185 Fred’s stores located across 10 Southeastern states. Under the terms of the agreement, the aggregate consideration to be paid by Walgreens to
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 the company reported financial results for the 2017 fourth quarter and fiscal year ended February 3. The company’s financial results were originally slated to be
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
NEW YORK — Walgreens Boots Alliance is reportedly prepared to divest even more stores and other assets to Fred’s Inc. in order to win approval for its acquisition of Rite Aid Corp. Citing anonymous sources, Bloomberg reported Tuesday that WBA is “nearing an agreement” to raise the number of stores to sell to Fred’s as