Discount Chain Fred’s Closing 104 More Stores

NEW ROUND OF ANNOUNCED CLOSURES WILL LEAVE FRED'S WITH ABOUT HALF AS MANY STORES AS IT HAD EARLIER THIS YEAR

Memphis, TN (WREG) – Discount store chain Fred’s is closing even more stores.

The retailer announced Thursday it will shutter 104 more stores by the end of June.

That’s on top of the 159 stores it announced it is closing last month.

The closures will leave Fred’s with roughly 300-stores; about half as many as it operated earlier this year.

Fred’s is a 72-year-old retailer based in Memphis, Tennessee that operates primarily in the southeast.

Its stores sell items like food and household cleaning supplies.

Last year, Fred’s sold its patient prescription files to Walgreens as it tries to exit the pharmacy business.

Fred’s stock dropped 25% on the news Thursday.

Categories: Business