Fred’s to close 159 stores; Opp not on list
Published 1:11 am Friday, April 12, 2019
Fred’s, Inc., announced on Thursday it is closing 159 stores in nine states, but its Opp location is not on the list.
According to a press release, the company plans to close the stores – in Texas, Arkansas, Alabama, Georgia, Louisiana, Mississippi, Kentucky, Illinois and Tennessee – by the end of May.
The company made the decision to close “underperforming stores” following an evaluation of the stores’ portfolios, “including historical and recent store performance and the timing of lease expirations, among other factors.”
The company is closing 19 locations in Alabama, including Anniston, Branchville, Center Point, Centre, Enterprise, two in Florence, Foley, Guntersville, Hoover, Hueytown, Lanett, Marion, Monroeville, Roanoke, Russellville, Sylacauga, Talladega, and Tuscumbia.
“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 Chief Executive Officer Joseph Anto stated in a press release.
The Memphis-based retailer operates about 600 general merchandise and pharmacy stores, including 13 franchised locations.