Discount chain Fred's is closing nearly 30% of its stores
The Memphis-based retailer will close 159 of its 557 stores, it said in a statement Thursday. The stores, which are spread across states including Texas, Arkansas, Alabama, Georgia, Louisiana, Mississippi, Kentucky, and Tennessee, were chosen because they were underperforming or unprofitable, Fred's Chief Executive Officer Joseph Anto said. Many of them had leases that were expiring soon. Fred's began liquidation sales at the closing stores on Thursday.
Read MoreFamily Dollar will close nearly 400 storesIn addition to closing stores, Fred's is also trying to get out of the pharmacy business. Walgreens bought Fred's pharmacy patient prescription files and inventory last year. The discount chain is still looking for a buyer for the rest. Many of Fred's competitors are also struggling. Shares of Rite Aid , whose stores Fred's tried to acquire in 2017, hit a 10 year low on Thursday.
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