Fred’s Inc. Files For Bankruptcy, Closing Retail Stores
Fred's Inc. is filing for bankruptcy and closing its stores over the next two months.
The Memphis, Tennessee-based company gave a statement Monday saying that it has filed for chapter 11 bankruptcy and has begun liquidation sales at all of its retail locations.
Despite many best efforts to avoid bankruptcy, according to Chief Executive Officer, Joe Anto, Fred's has filed a motion with U.S. Bankruptcy Court seeking up to $35 million for a financing agreement with certain lenders.
Fred’s started in 1947. Fred’s said earlier this year it was closing more than 280 underperforming stores in 13 states.
If you currently get prescriptions at Fred's, the company said it expects to continue filling prescriptions at most of its pharmacy locations while pursuing the sale of its pharmacies.