• Fred's Closing 49 Underperforming Stores; Pharmacies to Remain Open

    Source: Nasdaq GlobeNewswire / 21 Jun 2019 09:00:33   America/New_York

    MEMPHIS, Tenn., June 21, 2019 (GLOBE NEWSWIRE) -- Fred’s, Inc. (NASDAQ: FRED) today announced it will close an additional 49 underperforming stores as part of an ongoing effort to optimize store footprint. Pharmacies will remain open at all locations listed below – customers can continue to fill their prescriptions, receive vaccinations, and purchase over the counter medications.

    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 will continue its partnership with Malfitano Advisors, LLC and SB360 Capital Partners to help manage the process and ensure a seamless experience for customers. 

    A list of the impacted stores may be found at the end of this release.  

    About Fred’s Inc.
    Since 1947, Fred’s, Inc. has been an integral part of the communities it serves throughout the southeastern United States. Fred’s mission is to make it easy AND exciting to save money. Its unique discount value store format offers customers a full range of value-priced everyday items, along with terrific deals on closeout merchandise throughout the store. For more information about the Company, visit Fred’s website at www.fredsinc.com.

    Forward Looking Statement
    Comments in this news release that are not historical facts are forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. A reader can identify forward-looking statements because they are not limited to historical facts or they use such words as “outlook,” “guidance,” “may,” “should,” “could,” “believe,” “anticipate,” “project,” “plan,” “expect,” “estimate,” “objective,” “forecast,” “goal,” “intend,” “committed,” “continue,” or “will likely result” and similar expressions that concern the Company’s strategy, plans, intentions or beliefs about future occurrences or results. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. Forward-looking statements include, but are not limited to, statements about future financial and operating results, the Company’s plans, objectives, business outlook, priorities, expectations and intentions, expectations for sales growth, comparable sales, earnings and performance, shareholder value, capital expenditures, cash flows, demand for products, share repurchases, strategic initiatives, including those relating to store closures and acquisitions and dispositions by the Company and the expected impact of such transactions on our strategic and operational plans and financial results, and any statement of an assumption underlying any of the foregoing and other statements that are not historical facts. Although we believe that the expectations, opinions, projections and comments reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and we can give no assurance that such statements will prove to be correct. A wide variety of potential risks, uncertainties and other factors could materially affect our ability to achieve the results either expressed or implied by these forward-looking statements including, but not limited to risks and uncertainties associated with: (i) the competitive nature of the industries in which we operate; (ii) our turnaround plan and the implementation of our strategic initiatives, and their impact on our sales, costs and operations; (iii) our store closures and the related sales of inventory and real estate issues; (iv) our divestitures; (v) utilizing our existing and new stores and the extent of our pharmacy department presence in new and existing stores; (vi) conditions affecting the retail sector as a whole; (vii) our reliance on a single supplier of pharmaceutical products; (viii) our pharmaceutical drug pricing; (ix) reimbursement rates and the terms of our agreements with pharmacy benefit management companies; (x) consolidation in the healthcare industry; (xi)  our private brands; (xii) the seasonality of our business and the impact of adverse weather conditions; (xiii) operational, supply chain and distribution difficulties; (xiv) merchandise supply and pricing; (xv) consumer demand and product mix; (xvi) delayed openings and operating new stores and distribution facilities; (xvii) our employees; (xviii) risks relating to payment processing; (xix) our computer systems, and the processes supported by our information technology infrastructure; (xx) our ability to protect the personal information of our customers and employees; (xxi) cyber-attacks; (xxii) changes in governmental regulations; (xxiii) the outcome of legal proceedings, including claims of product liability; (xxiv) insurance costs; (xxv) tax assessments and unclaimed property audits; (xxvi) current economic conditions;  (xxvii) our indebtedness and our ability to satisfy our debt obligations and obtain continued forbearance or waivers for any defaults; (xxviii) the terms of our existing and future indebtedness, including the covenants set forth in the documents governing such indebtedness; (xxix) any acquisitions we may pursue and the ability to effectively integrate businesses that we acquire; (xxx) our ability to remediate the material weaknesses in our internal controls over financial reporting and otherwise maintain effective internal controls over financial reporting; (xxxi) our largest stockholder holding a significant percentage of our outstanding equity; (xxxii) our ability to pay dividends and/or repurchase shares of our Class A voting common stock; (xxxiii) our ability to attract and retain talented executives; (xxxiv) any strategic alternatives that we decide to pursue, if any; (xxxv) our ability to continue as a going concern; and (xxxvi) the factors listed under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and any subsequent quarterly filings on Form 10-Q filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date made. The Company undertakes no obligation to release revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required to be reported under the rules and regulations of the Securities and Exchange Commission.

    Contacts
    Fred’s Inc:
    Jen Ehlers
    817-369-5772
    jen.ehlers@fredsinc.com

    LIST OF FRONT STORE LOCATIONS TO BE CLOSED – PHARMACIES REMAIN OPEN

    Store #LocationAddressCityStateZIP
    2213LOUISVILLE, GA119 US 1 BY-PASSLOUISVILLEGA30434
    2128LEXINGTON, GA718 ATHENS RDLEXINGTONGA30648
    2780ROLLING FORK, MS901 US 61ROLLING FORKMS39159
    2572SOPERTON, GA4269 W MAIN STSOPERTONGA30457
    2533OKOLONA, MS511 W MONROE AVENUEOKOLONAMS38860
    1305CALHOUN CITY, MS71 HIGHWAY 8 ECALHOUN CITYMS38916
    1385CLARKSVILLE, AR409 W MAIN STCLARKSVILLEAR72830
    2243MACON, MS59 FRONTAGE RDMACONMS39341
    2748RICHTON, MS403 FRONT STRICHTONMS39476
    1660BRINKLEY, AR1131 NORTH CHARLYNEBRINKLEYAR72021
    1165BOLIVAR, TN105 TENNESSEE STBOLIVARTN38008
    1907HAMBURG, AR700 N MAIN STHAMBURGAR71646
    3070TYLERTOWN, MS3000 PLAZA DRIVETYLERTOWNMS39667
    1935FERRIDAY, LA2094 EE WALLACE BLVD NFERRIDAYLA71334
    1320CAMDEN, TN195 HIGHWAY 641 NCAMDENTN38320
    2430NEWTON, MS304 NORTHSIDE DRNEWTONMS39345
    3235WIGGINS, MS116 2ND STREET SOUTHWIGGINSMS39577
    2890SPRINGHILL, LA1190 S ARKANSAS ST.SPRINGHILLLA71075
    2460NORTH CROSSETT, AR1164 HIGHWAY 133 NCROSSETTAR71635
    2150LORETTO, TN534 N MILITARY STLORETTOTN38469
    1095BALD KNOB, AR170 HIGHWAY 167 NBALD KNOBAR72010
    2083CHEROKEE VILLAGE, AR200 HOSPITAL DRIVECHEROKEE VILLAGEAR72529
    2723KERSHAW, SC405 SOUTH HAMPTON STREETKERSHAWSC29067
    2727KENTWOOD, LA734 AVENUE G, HIGHWAY 38KENTWOODLA70444
    2260MORRILTON, AR601 N ST JOSEPHMORRILTONAR72110
    2473MANTACHIE, MS67 WATSON DRMANTACHIEMS38855
    1525EUNICE, LA2200 W LAUREL AVEEUNICELA70535
    1570FAIRVIEW, TN2415 FAIRVIEW BLVDFAIRVIEWTN37062
    1085BEEBE, AR901 W DEWITT HENRY DRBEEBEAR72012
    6015MIDDLETON, TN (GD&D)700 S. MAIN STREETMIDDLETONTN38052
    6021SULLIGENT, AL (GD&D)5705 HWY 278SULLIGENTAL35586
    2753REFORM, AL609 1ST AVE WREFORMAL35481
    1713GEORGIANA, AL685 HWY 106 WESTGEORGIANAAL36033
    1723GREENFIELD, TN1207 S MERIDIAN STGREENFIELDTN38230
    1805HEBER SPRINGS, AR308 S 7TH STHEBER SPRINGSAR72543
    2175LEXINGTON, MS301 YAZOO STLEXINGTONMS39095
    3368WOODVILLE, MS211 U.S. HWY 61 SOUTHWOODVILLEMS39669
    3053TAYLORSVILLE, MS402 PINE STTAYLORSVILLEMS39168
    1920INDIANOLA, MS210 HIGHWAY 82 WINDIANOLAMS38751


    2613PELAHATCHIE, MS404 SECOND STREETPELAHATCHIEMS39145
    1683CHURCH POINT, LA821 S MAIN STCHURCH POINTLA70525
    1893HOUSTON, MS905 N PONTOTOC STHOUSTONMS38851
    1760HAYNESVILLE, LA9270 HIGHWAY 79HAYNESVILLELA71038
    1663ALBANY, KY800 N CROSS STALBANYKY42602
    2687DEQUINCY, LA702 WEST 4TH STREETDEQUINCYLA70633
    1060ACKERMAN, MS318 N ALFORDACKERMANMS39735
    1470DURANT, MS33674 HIGHWAY 12DURANTMS39063
    2925SHERIDAN, AR624 S ROCK STSHERIDANAR72150
    2697MANSFIELD, LA400 WASHINGTON AVEMANSFIELDLA71052
          

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