MEMPHIS, Tennessee — The Robertsdale location of Fred’s will be among 104 stores set to close by the end of June, including eight in the state of Alabama.
In a press release issued by Globe Newswire, Fred’s Inc. announced Thursday, May 16 it will begin to close an additional 104 underperforming stores as part of an ongoing effort to “rationalize its store footprint.”
Additional locations in Alabama include Hanceville, Dothan, Aliceville, East Brewton, Eclectic, Ashville and Prattville.
Additional locations include 16 in Arkansas, three in Florida, 15 in Georgia, two in Illinois, two in Kentucky, nine in Louisiana, one in Missouri, 19 in Mississippi, two in North Carolina, nine in South Carolina, 15 in Tennessee, and four in Texas.
According to the release, Fred’s decision to close additional underperforming stores follows a continued evaluation of the Company's store portfolio, including historical and recent store performance and the timing of lease expirations, among other factors. Liquidation sales at the 104 stores designated for closure will begin today while the Company’s other stores will remain open.
“These additional store closures are a difficult, but necessary step in the continued restructuring of Fred’s,” said Joseph Anto, Fred’s chief executive officer.
Fred’s has continued its partnership with Malfitano Advisors LLC and SB360 Capital Partners to help manage the process and ensure a seamless experience for customers.
Since 1947, Fred’s Inc. has been an integral part of the communities it serves throughout the southeastern United States. Fred’s mission is to make it easy and exciting to save money.
Its unique discount value store format offers customers a full range of value-priced everyday items, along with terrific deals on closeout merchandise throughout the store. For more information about the company, visit Fred’s website at www.fredsinc.com.