Another one bites the dust. In early September, discount retailer Fred's (NASDAQ:FRED) announced that it was filing for Chapter 11 bankruptcy protection and shuttering all of its stores. Fred's joins a long list of retailers that have declared bankruptcy over the past several years as technology
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Fred’s Inc. is calling it quits. After multiple years of a downward dive, the company announced today, Sept. 9, that it has filed for voluntary relief under Chapter 11 of the Bankruptcy Code. According to a release, the company has also filed a motion “seeking interim and final approval of the U.S. Bankruptcy Court to enter into a proposed debtor-in-possession (DIP) financing agreement with certain of the company’s existing lenders, which would provide for up to $35 million in new funding.” The release goes on to state that Fred’s is committed to an “orderly wind-down of its operations.” Liquidation sales at all remaining stores have started and all locations are expected to close within the next 60 days.
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Fred's Inc said on Monday it has filed for Chapter 11 bankruptcy protection, months after the pharmacy and discount retailer began shuttering hundreds of unprofitable stores in the United States, sending its shares down 44% before the bell.
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Fred's ([[FRED]] -6%) trades lower after delaying the filing of the retailer's 10-K. The company says it needs more time to assess the impact of the closin
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Shares of discount retailer Fred's Inc. jumped 5.7% in Thursday premarket trading after it said it will start liquidation sales at 159 stores that it is shuttering, part of a strategy to turn around the struggling company. The stores that are scheduled to shutter had expiring leases or limited obligations left on their leases, according to a statement from Fred's Chief Executive Joseph Anto. All of the stores should be closed by May 2019, leaving 398 stores in the company's fleet. Fred's also continues to pursue opportunities to sell its remaining pharmacy assets. In September, the company announced a deal to sell pharmacy assets at 179 stores in 10 southeastern states to Walgreens Boots Alliance Inc. , a deal that closed in the fourth quarter. Fred's has hired PJ Solomon to review all strategic alternatives, with no guarantee of any further action. Fred's shares are up 10.6% for 2019 so far while the S&P 500 index has gained 15.2% for the period. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.
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