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CST: 22/07/2019 17:57:52   

Fred’s to Close an Additional 129 Stores and Hold Inventory Clearance Sales Across All Stores

10 Days ago

Encourages Customers to Take Advantage of Unique Value-Priced Shopping Opportunities

Pharmacies to Remain Open

MEMPHIS, Tenn., July 12, 2019 (GLOBE NEWSWIRE) -- Fred’s, Inc. (NASDAQ: FRED) today announced that it will close an additional 129 retail stores and hold inventory clearance sales across all stores in an effort to refocus its product mix, simplify its store portfolio and repay debt.

Following the planned 129 closures, Fred’s will have approximately 80 retail stores remaining, centered primarily around the Company’s distribution center in Dublin, GA.  Lists of stores that will be closed and that will remain open are included below. Fred’s may evaluate re-launching certain closed stores in the future under a new operating model, with an updated assortment. The Company expects the proceeds from the inventory clearance sales will be used to repay outstanding indebtedness under its revolving credit agreement. 

All pharmacies (including the 69 within the 129 stores referenced above) will remain open and the Company will continue to fulfill prescriptions at its pharmacy locations, as it continues to pursue the sale of its remaining pharmacy locations and opportunities to monetize pieces of its real estate portfolio.  The Company currently operates 166 pharmacies.

Joseph Anto, Fred's Chief Executive Officer, stated, "While it is never easy to make decisions that impact our valued employees and customers, this initiative represents another necessary step in our continued efforts to stabilize our business by simplifying our store portfolio and product assortment.” 

Mr. Anto continued, "We are pleased to present our loyal customers the unique and compelling opportunity to purchase heavily discounted items for a limited time. We encourage shoppers to take advantage of these unmatched deals, and stock up on items that may be permanently removed from Fred’s shelves, come August."

Fred’s has partnered with Malfitano Advisors, LLC and SB360 Capital Partners to help manage the clearance sale process. 

About Fred’s, Inc.
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.

Forward Looking Statements
Comments in this news release that are not historical facts are forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. A reader can identify forward-looking statements because they are not limited to historical facts or they use such words as "outlook," "guidance," "may," "should," "could," "believe," "anticipate," "project," "plan," "expect," "estimate," "objective," "forecast," "goal," "intend," "committed," "continue," or "will likely result" and similar expressions that concern the Company's strategy, plans, intentions or beliefs about future occurrences or results. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. Forward-looking statements include, but are not limited to, statements about future financial and operating results, the Company's plans, objectives, business outlook, priorities, expectations and intentions, expectations for sales growth, comparable sales, earnings and performance, shareholder value, capital expenditures, cash flows, demand for products, share repurchases, strategic initiatives, including those relating to store closures and acquisitions and dispositions by the Company and the expected impact of such transactions on our strategic and operational plans and financial results, and any statement of an assumption underlying any of the foregoing and other statements that are not historical facts. Although we believe that the expectations, opinions, projections and comments reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and we can give no assurance that such statements will prove to be correct. A wide variety of potential risks, uncertainties and other factors could materially affect our ability to achieve the results either expressed or implied by these forward-looking statements including, but not limited to risks and uncertainties associated with: (i) the competitive nature of the industries in which we operate; (ii) our turnaround plan and the implementation of our strategic initiatives, and their impact on our sales, costs and operations; (iii) our store closures and the related sales of inventory and real estate issues; (iv) our divestitures; (v) utilizing our existing and new stores and the extent of our pharmacy department presence in new and existing stores; (vi) conditions affecting the retail sector as a whole; (vii) our reliance on a single supplier of pharmaceutical products; (viii) our pharmaceutical drug pricing; (ix) reimbursement rates and the terms of our agreements with pharmacy benefit management companies; (x) consolidation in the healthcare industry; (xi) our private brands; (xii) the seasonality of our business and the impact of adverse weather conditions; (xiii) operational, supply chain and distribution difficulties; (xiv) merchandise supply and pricing; (xv) consumer demand and product mix; (xvi) delayed openings and operating new stores and distribution facilities; (xvii) our employees; (xviii) risks relating to payment processing; (xix) our computer systems, and the processes supported by our information technology infrastructure; (xx) our ability to protect the personal information of our customers and employees; (xxi) cyber-attacks; (xxii) changes in governmental regulations; (xxiii) the outcome of legal proceedings, including claims of product liability; (xxiv) insurance costs; (xxv) tax assessments and unclaimed property audits; (xxvi) current economic conditions; (xxvii) our indebtedness and our ability to satisfy our debt obligations and obtain forbearance or waivers for any defaults; (xxviii) the terms of our existing and future indebtedness, including the covenants set forth in the documents governing such indebtedness; (xxix) any acquisitions we may pursue and the ability to effectively integrate businesses that we acquire; (xxx) our ability to remediate the material weaknesses in our internal controls over financial reporting and otherwise maintain effective internal controls over financial reporting; (xxxi) our largest stockholder holding a significant percentage of our outstanding equity; (xxxii) our ability to pay dividends and/or repurchase shares of our Class A voting common stock; (xxxiii) our ability to attract and retain talented executives; (xxxiv) any strategic alternatives that we decide to pursue, if any; (xxxv) our ability to continue as a going concern; (xxxvi) our ability to meet all applicable Nasdaq requirements; and (xxxvii) the factors listed under "Risk Factors" in the Company's most recent Annual Report on Form 10-K, the Company’s most recent Quarterly Report on Form 10-Q and any subsequent quarterly filings on Form 10-Q filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date made. The Company undertakes no obligation to release revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required to be reported under the rules and regulations of the Securities and Exchange Commission.

Contacts
Fred’s, Inc:
Jen Ehlers
817-369-5772
jen.ehlers@fredsinc.com 

LIST OF CLOSING STORE LOCATIONS

ADDRESS CITY STATE ZIP
120 SPRING BRANCH DR ALEXANDRIA AL 36250
13210 NORTH WINTZELL AVE BAYOU LA BATRE AL 36509
307 NORTH MULBERRY AVE BUTLER AL 36904
300 PARK DR CLANTON AL 35046
340 VIRGINIA AVE DALEVILLE AL 36322
996 HIGHWAY 203 ELBA AL 36323
7250 US-43 GUIN AL 35563
916 21ST STREET HALEYVILLE AL 35565
280 HIGHWAY 78 WEST JASPER AL 35501
525 4TH AVENUE NE RED BAY AL 35582
16100 HWY 72 ROGERSVILLE AL 35652
9574 HWY-18 VERNON AL 35592
808 WEST COLLIN RAYE DR DEQUEEN AR 71832
611 US 65 S DUMAS AR 71639
1301 NORTH ILLINOIS AVE HARRISBURG AR 72432
#2 FOREST PARK AVE HOLIDAY ISLAND AR 72631
1218 US-82 LAKE VILLAGE AR 71653
801 SOUTH HIGHWAY 77 MANILA AR 72442
438 SOUTH ALABAMA ST MARIANNA AR 72360
103 DAWSON ST MARKED TREE AR 72365
614 SOUTH MAIN ST NASHVILLE AR 71852
303 EAST MAIN ST PIGGOTT AR 72454
2809 SOUTH CAMDEN RD PINE BLUFF AR 71603
1309 S LINCOLN ST STAR CITY AR 71667
10 EAGLE ST VILONIA AR 72173
507 WEST PINE WARREN AR 71671
HWY 49 TWIN CITY S/C WEST HELENA AR 72390
320 HWY 14 SOUTH YELLVILLE AR 72687
1718 SOUTH WAUKESHA ST BONIFAY FL 32425
935 EAST HIGHWAY 90 MADISON FL 32340
1150 N JEFFERSON ST MONTICELLO FL 32344
WILLIAMS ST ALMA GA 31510
214 HWY 49 BYRON GA 31008
1009 NORTH 3RD AVE CHATSWORTH GA 30705
93 BUSHROD JOHNSON AVE CHICKAMAUGA GA 30707
HWY 17 NORTH DARIEN GA 31305
203 N MAIN ST GREENSBORO GA 30642
124 8TH STREET HELENA (MCRAE) GA 31037
534 BELL CREEK RD HIAWASSEE GA 30546
2001 BILLY TUCKER CL HOGANSVILLE GA 30230
719 SOUTH DAVIS ST NASHVILLE GA 31639
1567 N CHEROKEE RD SOCIAL CIRCLE GA 30025
204 EAST KELLY ST SYLVESTER GA 31791
923 N BYPASS EAST WASHINGTON GA 30673
605 N MAIN ST WRENS GA 30833
213 WEST RANDOLPH STREET MCLEANSBORO IL 62859
260 KEEN STREET BURKESVILLE KY 42717
1938 MAIN STREET CADIZ KY 42211
509 NORTH MAIN ST TOMPKINSVILLE KY 42167
1311 NORTH HAZEL STREET ARCADIA LA 71001
5604 HWY 3 BENTON LA 71006
5590 BARKSDALE BLVD BOSSIER CITY LA 71112
109 CHEVY LN BUNKIE LA 71322
8155 US 165 COLUMBIA LA 71418
522 LINCOLN RD EAST MONROE LA 71203
1075 HWY 80 EAST HAUGHTON LA 71037
902 WEST MAIN ST HOMER LA 71040
715 1ST AVE KINDER LA 70648
2019 FARMERVILLE HWY RUSTON LA 71270
7139 US HWY 61 ST FRANCISVILLE LA 70775
1320 SR-2 STERLINGTON LA 71280
125 E MAIN ST EAST PRARIE MO 63845
499 WEST HWY 162 PORTAGEVILLE MO 63873
441 N FOURTH ST BALDWYN MS 38824
2675 HWY 15 BAY SPRINGS MS 39422
520 NORTH HAYDEN ST BELZONI MS 39038
403 W CALHOUN ST BRUCE MS 38915
229 NORTH UNION CANTON MS 39046
300 SOUTH PEARLE STREET CARTHAGE MS 39051
456 HWY 24 CENTREVILLE MS 39631
304 W MAIN ST CHARLESTON MS 38921
236 DESOTO AVE CLARKSDALE MS 38614
1211 SOUTH FIR AVE COLLINS MS 39428
14916 SR-16 DEKALB MS 39328
300 SR-9 EUPORA MS 39744
101 MANSKER DRIVE FLORA MS 39071
1409 ADAMS STREET FULTON MS 38843
2616 HWY 82 EAST GREENWOOD MS 38930
615 HWY 25 SOUTH IUKA MS 38852
6230 OLD CANTON RD JACKSON OLD CANTON MS 39211
951 MAIN ST LEAKESVILLE MS 39451
502 SOUTH CHURCH LOUISVILLLE MS 39339
1039 MARTIN LUTHER KING DRIVE MARKS MS 38646
1618 DELAWARE AVE MCCOMB MS 39648
3050 SIMPSON, HWY 13 MENDENHALL MS 39114
1509 BROAD STREET WEST MONTICELLO MS 39654
31 SGT PRENTISS DRIVE NATCHEZ MS 39120
126 WEST MAIN STREET NEW ALBANY MS 38652
1388 SOUTH MAIN ST POPLARVILLE MS 39470
1635 COLUMBIA AVE PRENTISS MS 39474
509 HWY 589 PURVIS MS 39475
111 WILLOW BROOK DRIVE SALTILLO MS 38866
710 CHURCH ROAD SOUTHAVEN MS 38671
2110 GOODMAN ROAD EAST SOUTHAVEN MS 38671
4233 ROCKY BRANCH ROAD SUMRALL MS 39482
1038 US 61 TUNICA MS 38676
409 DUNCAN STREET WATER VALLEY MS 38965
603 MIDDLETON RD WINONA MS 38967
118 MAIN STREET ANDREWS NC 28901
102 MCREYNOLDS ST CARTHAGE NC 28327
1528 SOUTH LAFAYETTE ST SHELBY NC 28152
763 SR-28 ABBEVILLE SC 29620
311 EAST MAIN ST ANDREWS SC 29510
116 RIVER STREET BELTON SC 29627
227 APPLE SQUARE PLAZA EDGEFIELD SC 29824
297 SOUTH HWY 20 WILLIAMSTON SC 29669
1200 WEST CHURCH ST ALAMO TN 38001
11888 HWY 70 ARLINGTON TN 38002
1560 DONELSON PKWY DOVER TN 37058
5897 EAST MAIN ST ERIN TN 37061
535 WEST MAIN HENDERSON TN 38340
88 LOVELVILLE HWY LINDEN TN 37096
890 E MAIN ST LIVINGSTON TN 38570
3561 MAYNARDVILLE HWY MAYNARDVILLE TN 37807
87 SOUTH MAIN ST MCKENZIE TN 38201
1290 LAMAR AVE MEMPHIS LAMAR TN 38104
250 E STRATTON AVE MONTEREY TN 38574
501 TENNESSEE AVE NORTH PARSONS TN 38363
327 N MAIN ST PIKEVILLE TN 37367
16280 US-64 SOMERVILLE TN 38068
730 EVERETT STREET TIPTONVILLE TN 38079
2045 US 45 TRENTON TN 38382
307 HWY 64  EAST WAYNESBORO TN 38485
5305 NEW HIGHWAY 31 E WESTMORELAND TN 37186
4928 HWY 70 WHITE BLUFF TN 37187
218 WATSON BLVD DAINGERFIELD TX 75638
375 W HWY 84 FAIRFIELD TX 75840
850 N BEAULAH ST HAWKINS TX 75765
113 NORTH GREER BLVD PITTSBURG TX 75686

LIST OF STORE LOCATIONS REMAINING OPEN

ADDRESS CITY STATE ZIP
24 CAMDEN BYPASS CAMDEN AL 36726
19580 N 3RD ST CITRONELLE AL 36522
21665 HWY 25 COLUMBIANA AL 35051
17916 HWY 280 DADEVILLE AL 36853
505 US-80 DEMOPOLIS AL 36732
206 GREENSBORO AVE EUTAW AL 35462
320 BELLEVILLE STREET EVERGREEN AL 36401
804 CLEVELAND ST HEADLAND AL 36345
731 ROSS ST HEFLIN AL 36264
47950 US 78 LINCOLN AL 35096
50 TALLADEGA ST LINEVILLE AL 36266
720 N WASHINGTON ST LIVINGSTON AL 35470
821 SOUTH FOREST AVE LUVERNE AL 36049
165 BESSEMER SUPER MIDFIELD AL 35228
4559 HWY 25 MONTEVALLO AL 35115
1001 CROSSROADS PLAZA DR MOODY AL 35004
505 NORTH MAIN OPP AL 36467
3920 US-80 PHENIX CITY AL 36869
110 SUTTON SQUARE RAINBOW CITY AL 35906
160 WEST MAIN ST RAINSVILLE AL 35986
213 PARK DRIVE WARRIOR AL 35180
5132 JOE FRANK HARRIS PKWY ADAIRSVILLE GA 30103
316 EAST WASHINGTON ASHBURN GA 31714
3764 EAST HWY 84 BLACKSHEAR GA 31516
200 E LOUISE ST CLARKSVILLE GA 30523
413 N DUVAL CLAXTON GA 30417
1900 AUBURN AVE COLUMBUS GA 31906
185 S ELM ST COMMERCE GA 30529
101 NORTH WEBSTER STREET CUTHBERT GA 39840
839 FORRESTER DRIVE DAWSON GA 39842
409 WEST 3RD ST DONALSONVILLE GA 39845
705 US-80 EAST DUBLIN GA 31027
103 FOURTH AVE EASTMAN GA 31023
726 SR-144 GLENNVILLE GA 30427
106 BILL CONNECTOR PKW GRAY GA 31032
525 BROAD STREET HAWKINSVILLE GA 31036
2872 TOBACCO RD HEPHZIBAH GA 30815
369 S CHURCH ST HOMERVILLE GA 31634
307 W PATTON ST LAFAYETTE GA 30728
265 LAKES BLVD LAKE PARK GA 31636
512 S VALDOSTA RD LAKELAND GA 31635
11747 AUGUSTA BLVD LAVONIA GA 30553
1705 PHILAMENA RD SOUTH LEESBURG GA 31701
978 E BROAD ST METTER GA 30439
506 NORTH HIGHWAY 25 MILLEN GA 30442
506 SPAULDING RD MONTEZUMA GA 31063
601 S MASON ST MOUNT VERNON GA 30445
139 WEST BRAZELL ST REIDSVILLE GA 30453
604 NORTHSIDE DR WEST STATESBORO GA 30458
518 WEST OGEECHEE ST SYLVANIA GA 30467
12596 N MAIN ST TRENTON GA 30752
1310 WEST MORTON OAKLAND CITY IN 47660
708 WASHINGTON ST FRANKLINTON LA 70438
200 NORTH ELM ST HAUGHTON LA 71037
2866 BIENVILLE HWY RINGGOLD LA 71068
475 HWY 6 EAST BATESVILLE MS 38606
504 NORTH 2ND STREET BOONEVILLE MS 38829
15 EAST STONEWALL RD BYHALIA MS 38611
340 SR-12 KOSCIUSKO MS 39090
5186 HIGHWAY 80 EAST MORTON MS 39117
7122 WILL ROBBINS HWY NETTLETON MS 38858
7105 COCKRUM STREET OLIVE BRANCH MS 38654
170 HIGHWAY 15 NORTH PONTOTOC MS 38863
706 CITY AVE NORTH RIPLEY MS 38663
250 HWY 19 SOUTH BRYSON CITY NC 28713
677 US 19 BURNSVILLE NC 28714
70 NEW CLYDE HWY CANTON NC 28716
1346 NORWOOD ST SW LENOIR NC 28645
3606 MAIN ST BAMBERG SC 29003
401 S ALABAMA AVE CHESNEE SC 29323
2544 HWY 25 SOUTH GREENWOOD SC 29646
518 E GREER ST HONEA PATH SC 29654
198 STUCKEY ST JOHNSONVILLE SC 29555
480 NELSON BLVD KINGSTREE SC 29556
437 NORTH MAIN ST SALUDA SC 29138
181 WEST CAROLINA AVE VARNVILLE SC 29944
9810 HWY 57 SOUTH COUNCE TN 38326
8487 SR-22 DRESDEN TN 38225
829 W MAIN ST MONTEAGLE TN 37356
100 PIONEER VILLAGE DR MOUNTAIN CITY TN 37683

 

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