Fred's Inc. files for bankruptcy, closing retail stores

 

The Associated Press

 

 

MEMPHIS, Tenn. -- Discount retail and pharmacy chain Fred's Inc. is filing for bankruptcy and closing its stores over the next two months.

 

The Memphis, Tennessee-based company said in a statement Monday that it has filed for chapter 11 bankruptcy and has begun liquidation sales at all of its retail locations.

 

The company said it expects to continue fulfilling prescriptions at most of its pharmacy locations, while pursuing the sale of its pharmacies.

 

 

Fred's has filed a motion with U.S. Bankruptcy Court seeking up to $35 million for a financing agreement with certain lenders. Chief Executive Officer Joe Anto said despite the company's best efforts, "we were not able to avoid this outcome."

 

Fred's started in 1947. Fred's said earlier this year it was closing more than 280 underperforming stores in 13 states.

 

 

 

 

printer friendly version | back to top

 

 


 

UPCOMING AREA EVENTS

 

 

 

Top Things to Do in the Golden Triangle This Weekend

 

 

Follow Us:

Follow Us on Facebook

Follow Us on Twitter

Follow Us via Email