Discount chain Fred’s is closing 49 more stores, the Memphis-based company announced Friday.
It’s the third round of closings since April and comes five weeks after “going out of business” liquidation sales began at 105 Fred’s stores and follows the decision to shutter 159 locations.
After the combined 313 closures, representing 56% of the company, there will be 244 remaining locations.
“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,” Fred’s said in a statement.
Liquidation firm SB360 Capital Partners is managing the sales for Fred’s. Stores in the new round are located in eight states. Mississippi is losing the most with 17, followed by Arkansas with 10 and Louisiana with eight.
The pharmacies inside the closing stores will remain open, Fred’s said in the statement.
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The 105 stores included in the May 16 closings announcement will “wrap up sales and close for business over the next week,” SB360 said in a statement.
“Fred’s shoppers are frequent shoppers,” said Aaron Miller, an executive vice president with SB360, in the statement. “They’re in the store every week, and some of them are in multiple times each week. When they see the discounts, word travels fast.”
The liquidation is expected to be carried out quickly.
“As we saw in the prior Fred’s closing stores, sales are always brisk, and the shelves empty quickly,” Ziggy Schaffer, an executive vice president with SB360, said in the statement. “Fred’s stores offer good day-in, day-out value on everyday necessities, and with discounts on top of good prices, shoppers buy in bulk.”
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