Fred’s (NASDAQ:FRED) has announced a new round of stores closing as the company has continued to struggle to thrive in a competitive retail environment.
Here are seven things that shoppers should know about the Memphis, Tenn.-based retail and pharmacy business’ upcoming move:
- The company said that more than 100 of its stores will soon shut their doors, marking yet another round of closures for the business.
- Fred’s said that the move will affect 104 locations located in a dozen states, including Mississippi, Georgia and Tennessee, with the decision coming about as an “ongoing effort to rationalize its store footprint,” per a Thursday announcement from the brand.
- The closures are likely to be completed sometime by the end of June 2019.
- “These additional store closures are a difficult but necessary step in the continued restructuring of Fred’s,” CEO Joseph Anto said.
- The move follows the previous round of store closures as the company announced last month that it planned on shuttering the doors to 159 of its locations.
- SB360 Capital Partners is reportedly handling the closures for all 104 locations, per a statement from the firm on Thursday. “SB360 was initially retained by Fred’s in April to conduct Store Closing Sales in 159 locations,” the firm said. “Those stores have entered their final days and will wrap up business over the next week to 10 days.”
FRED stock is down 4.9% Friday.