Everything is on sale at nearly 160 Fred’s stores, which are closing down on May 31.
The discount retail chain confirmed on April 11 that liquidation sales would begin at 159 of its stores across the nation and would continue until the end of the following month.
The announcement to the Nasdaq stock exchange came as Fred’s finished a comprehensive evaluation of the company’s store portfolio, including historical and recent store performance and the timing of lease expirations, among other factors.
The review led the chain to decide to close its under performing stores through liquidation sales, representing 28.5 percent of its total of 557 stores. The company’s remaining 398 stores will stay open.
“After a careful review, we have made the decision to rationalize our footprint by closing underperforming stores, with a particular focus on locations with shorter duration leases. Most of these stores have near-term lease expirations and limited remaining lease obligations,” Fred’s Chief Executive Officer Joseph Anto said in a public statement. “Decisions that impact our associates in this way are difficult but the steps we are announcing are necessary. We will make every effort to transition impacted associates to other stores where possible.”
Sales at Fred’s stores fell 4.9 percent in the first nine months of 2018, compared to the same period in the previous year, according to USA Today. Shares in Fred’s also fell nearly 5.8 percent to $1.97 on the same day the announcement was made.
Fred’s has appointed asset disposition firms Malfitano Advisors and SB360 Capital Partners to manage the liquidation process and not interrupt the shopping experience for customers.
SB360 confirmed in addition to the clearance sale at the 159 closing stores, there would also be a “total inventory blowout” at 360 more locations.
“The store closing and total inventory blowout events will bring value on top of value,” SB360 Executive Vice President Ziggy Schaffer said in a public statement. “We’ll be offering discounts off the lowest marked price on everything in these stores.”
SB360 Executive Vice President Aaron Miller predicts there will be large crowds at the stores that are closing down where discounts are expected to range between 5 and 20 percent off the ticketed price with some exclusions.
“When stores with a loyal shopper like Fred’s have a store closing or inventory blowout event, word spreads quickly. Shoppers line up and they’re filling their carts,” he said. “We encourage shoppers to take advantage of this opportunity while supplies last.”
Investment banking company PJ Solomon will stay on to advise Fred’s on possible alternatives to maximize value for shareholders in the chain.
“The review will include a thorough evaluation of the company’s current operating plan, as well as all other potential alternatives to maximize value,” the company said. “There can be no assurance that the strategic review will result in any specific action, or any assurance as to its outcome or timing.”
Fred’s previously announced it would sell its remaining pharmacy assets to Walgreens, including pharmacy patient prescription files and related pharmacy inventory from 179 Fred’s stores across 10 southeastern states. The transaction closed in the company’s December quarter.
Fred’s has been in business since 1947, and the company based in Memphis, Tennessee offers a wide range of value-priced everyday items that are promised to make it “easy and exciting to save money.”
At this stage there are no plans to close more Fred’s stores or to file for bankruptcy according to The Wall Street Journal.
The affected stores are listed below.
Anniston: 1544 Greenbrier Ln
Branchville: 13254 Highway 411
Center Point: 1683 Center Point Pkwy
Centre: 710 Cherokee Plaza
Enterprise: 621 Boll Weevil Cir
Florence: 321 N. Court St
Florence: 4150 Florence Blvd
Foley: 1200 N. Mckenzie Street
Guntersville: 1477 Sunset Drive
Hoover: 3317 Lorna Road
Hueytown: 3056 Allison Bonnett Memorial Drive
Lanett: 622 Cherry Drive
Marion: 1549 Highway 5 S.
Monroeville: 1318 S. Highway 21 Bypass
Roanoke: 3077 Highway 431
Russellville: 13150 Highway 43
Sylacauga: 212 W. Fort Williams St.
Talladega: 65364 Hwy 77
Tuscumbia: 1401 Woodmont Drive
Bryant: 3395 Highway 5 N.
Cabot: 207 S. 2nd St.
Conway: 245 Oak St.
Conway: 1125 Morningside Drive
El Dorado: 430 S. Bradley Ave
Forrest City: 2227 N. Washington St.
Harrison: 617 Highway 62 65 N.
Hope: 535 N. Hervey St.
Jonesboro: 2308 S. Caraway Road
Mena: 1201 Highway 71 S.
Mountain Home: 509 Highway 62 E.
Newport: 1705 Malcolm Ave
Osceola: 1324 W. Keiser Ave
Paragould: 1723 W. Kings Highway
Prescott: 1426 W. 1st St. N,
Russellville: 3303 W. Main Place
Searcy: 2706 E. Race Avenue
Stamps: 1110 E. Antigo St.
West Memphis: 606 E. Broadway St.
Adel: 1014 S. Hutchinson Avenue
Bainbridge: 1602 E. Shotwell St.
Barnesville: 790 Veterans Parkway
Blakely: 800 Columbia Road
Brunswick: 5485 New Jesup Highway
Calhoun: 325 Curtis Pkwy Se
Camilla: 500 US Highway 19 S.
Cedartown: 550 N. Main St
Cleveland: 156 Wanderway Drive
Cordele: 102 E. 14th Avenue
Covington: 6179 Highway 278 NE.
Dillard: 7230 Highway 441 N.
Hinesville: 767 Veterans Parkway
Jasper: 970 E. Church St.
Kingsland: 925 E. King Avenue
Mcdonough: 1550 S. Zach Hinton Parkway
Quitman: 1315 W. Screven St.
Ringgold: 1426 W. 1st N.
Riverdale: 94 Upper Riverdale Road SW.
Rome: 1916 Redmond Circuit NW.
Royston: 411 Smith St.
Swainsboro: 501 S. Main St.
Thomasville: 2730 E. Pinetree Boulevard
Tunnel Hill: 3593 Chattanooga Road
Zebulon: 9215 Highway 19 N.
Benton: 215 Bailey Lane
Hopkinsville: 3129 Canton Pike
Murray: 928 S. 12th St.
Princeton: 300 Highway 62 W.
Russell Springs: 2385 Lakeway Drive
Baton Rouge: 10710 Greenwell Springs Road
Bossier City: 5751 Shed Road
Carencro: 806 Veterans Drive
Franklin: 1801 W. Main St.
Gonzales: 228 W. Highway 30
Hammond: 125 Hwy 51 North
Jonesboro: 310 E. Main St.
Lafayette: 2490 W. Congress St.
Monroe: 2350 Sterlington Road
Natchitoches: 400 Dixie Plaza
Pineville: 4628 Highway 28 E.
Shreveport: 5907 Old Mooringsport Road
St. Martinville: 1114 South Main St.
Westlake: 1514 Sampson St.
Cape Girardeau: 121a S. Sprigg St.
Poplar Bluff: 441 Highway 53
Aberdeen: 107 N. Meridian St.
Brookhaven: 218 S. Whitworth Avenue
Byram: 7261 S. Siwell Road
Cleveland: 306 E. Sunflower Road
Coldwater: 520 Central Avenue
Columbia: Highway 13 Northgate S/C
Columbus: 304 5th St. S.
Columbus: 201 G Alabama St.
Florence: 2932 Highway 49 S.
Forest: 237 Woodland Drive
Gautier: 1693 Highway 90
Greenville: 7616 Highway 80
Greenville: 1600 S. Colorado St.
Greenwood: 813 W. Park Avenue
Hattiesburg: 1000 Broadway Drive
Holly Springs: 148 W. Van Dorn Avenue
Horn Lake: 3031 Goodman Road W.
Jackson: 225 Meadowbrook Road
Jackson: 540 Raymond Road
Leland: 302 North Main St.
Magee: 1700 Simpson Highway
Meridian: 626 22nd Ave S.
Ocean Springs: 3176 Bienville Blvd
Pascagoula: 2511 Ingalls Avenue
Pearl: 235 George Wallace Drive
Philadelphia: 714 Pecan Ave
Terry: 422 W. Cunningham Ave
Tupelo: 809 Varsity Drive
Tupelo: 1776 McCullough Blvd
West Point: 26591 E. Main St.
Yazoo City: 1200 Jerry Clower Blvd
Dunn: 988 Erwin Road
Marion: 1155 N. Main St.
Spruce Pine: 11931 S. 226 Highway
Wagoner: 700 E. Cherokee St.
Anderson: 122 E. Shocky Ferry Road
Chester: 109 Cestrain Square
Clinton: 105 B Jacobs Highway
Hodges: 4905 Emerson St
Iva: 9710 Highway 81 S.
Ladson: 119 College Park Road
Landrum: 213 W. Rutherford St.
Liberty: 315 W. Front St.
North Augusta: 401 W. Martintown Road
Orangeburg: 1180 Five Chop Road
Pickens: 310 Hampton Avenue
Brownsville: 337 E. Main St.
Clarksville: 390 Highway 149
Collierville: 450 Highway 72 W.
Dayton: 260 16th Avenue
Decherd: 1755 Decherd Blvd
Dyersburg: 805 Pennell Lane
Gallatin: 420 W. Main St.
Hartsville: 230 Broadway
Jackson: 1688 S. Highland Avenue
Jasper: 3600 Main St.
Lebanon: 230 E. Gay St.
McMinnville: 912 N. Chancery St.
Medina: 211 Three Oaks Drive
Memphis: 4280 Getwell Road
Memphis: 5016 Old Summer Road
Mt. Pleasant: 700 N. Main St.
Murfreesboro: 1664 Middle Tennessee Blvd
Newport: 122 Five Rivers Plaza Way
Paris: 850 Volunteer Drive
Portland: 114 W. Knight St.
Pulaski: 1670 W. College St.
Selmer: 399 Mulberry Avenue
Woodbury: 1130 S. Mccrary St.
Gladewater: 601 Broadway Avenue
Kilgore: 605 N. Henderson Blvd
Lindale: 1601 S. Main St.
Mc Gregor: 1000 S. Main St.
Tyler: 1803 E. Gentry Parkway
Whitehouse: 1123 State Highway 110 N.
From The Epoch Times.