Say goodbye to Fred’s
The Landrum retailer is closing its doors
LANDRUM—Fred’s Incorporated is based in Memphis Tennessee has stores located throughout the southeastern United States. Fred’s currently has 628 locations, 304 locations have full service pharmacy departments.
On Thursday April 11, Fred’s CEO Joseph Anto gave a written statement to WSB stating the impeding closure of 159 store locations in 13 different states.
“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,” Fred’s CEO Joseph Anto said in a written statement obtained by WSB. Anto also stated that the company was targeting stores with near-term lease expirations and limited remaining lease obligations.
Fred’s stated that this is their plan to phase out some of the underperforming locations. Fred’s also announced that they would begin large clearance sales at another 360 locations as Fred’s restructures.
The Fred’s store at 213 W Rutherford Street in Landrum is one of the stores that has been targeted as an underperforming location. The Landrum store along with the others that have been targeted as the underperforming locations are expected to have clearance and liquidation sales until closing in late May of 2019.