Fred’s, a Memphis-based discount merchandise retailer, will shutter an additional 129 underperforming stores in its fourth round of closings as the company continues to evaluate its store portfolio. The pharmacies inside the closed stores will remain open, according to a company statement.
To date this year, the retailer had closed or announced the closure of 312 stores, excluding its latest announcement. After the next round, Fred’s will have roughly 80 retail stores and 166 pharmacies still operating.
The retailer will be holding inventory clearance sales as it works to repay its debt, and has partnered with SB360 Capital Partners and Malfitano Partners, LLC to manage the sales.
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Following the announcement on Friday, Fred’s stock dropped 7%. The company’s stock is currently trading below a dollar and has fallen nearly 80% over the past year.
