Fred’s, Inc. announced last weekend that it will begin to close an additional 104 underperforming stores as part of an ongoing effort to rationalize its store footprint. Reports are that the Fred’s store in Henderson, at 535 West Main Street, was among those getting the axe, however, officials at that store referred all questions to the Fred’s corporate headquarters. Efforts to reach Fred’s officials for comment were unsuccessful.
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.
Joseph Anto, Fred’s Chief Executive Officer, stated, “These additional store closures are a difficult, but necessary step in the continued restructuring of Fred’s.”
Closure of the latest 104 impacted stores is expected to be completed by the end of June 2019.