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.
LIST OF FRONT STORE LOCATIONS TO BE CLOSED – PHARMACIES REMAIN OPEN
Store # Location Address City State ZIP 2213 LOUISVILLE, GA 119 US 1 BY-PASS LOUISVILLE GA 30434 2128 LEXINGTON, GA 718 ATHENS RD LEXINGTON GA 30648 2780 ROLLING FORK, MS 901 US 61 ROLLING FORK MS 39159 2572 SOPERTON, GA 4269 W MAIN ST SOPERTON GA 30457 2533 OKOLONA, MS 511 W MONROE AVENUE OKOLONA MS 38860 1305 CALHOUN CITY, MS 71 HIGHWAY 8 E CALHOUN CITY MS 38916 1385 CLARKSVILLE, AR 409 W MAIN ST CLARKSVILLE AR 72830 2243 MACON, MS 59 FRONTAGE RD MACON MS 39341 2748 RICHTON, MS 403 FRONT ST RICHTON MS 39476 1660 BRINKLEY, AR 1131 NORTH CHARLYNE BRINKLEY AR 72021 1165 BOLIVAR, TN 105 TENNESSEE ST BOLIVAR TN 38008 1907 HAMBURG, AR 700 N MAIN ST HAMBURG AR 71646 3070 TYLERTOWN, MS 3000 PLAZA DRIVE TYLERTOWN MS 39667 1935 FERRIDAY, LA 2094 EE WALLACE BLVD N FERRIDAY LA 71334 1320 CAMDEN, TN 195 HIGHWAY 641 N CAMDEN TN 38320 2430 NEWTON, MS 304 NORTHSIDE DR NEWTON MS 39345 3235 WIGGINS, MS 116 2ND STREET SOUTH WIGGINS MS 39577 2890 SPRINGHILL, LA 1190 S ARKANSAS ST. SPRINGHILL LA 71075 2460 NORTH CROSSETT, AR 1164 HIGHWAY 133 N CROSSETT AR 71635 2150 LORETTO, TN 534 N MILITARY ST LORETTO TN 38469 1095 BALD KNOB, AR 170 HIGHWAY 167 N BALD KNOB AR 72010 2083 CHEROKEE VILLAGE, AR 200 HOSPITAL DRIVE CHEROKEE VILLAGE AR 72529 2723 KERSHAW, SC 405 SOUTH HAMPTON STREET KERSHAW SC 29067 2727 KENTWOOD, LA 734 AVENUE G, HIGHWAY 38 KENTWOOD LA 70444 2260 MORRILTON, AR 601 N ST JOSEPH MORRILTON AR 72110 2473 MANTACHIE, MS 67 WATSON DR MANTACHIE MS 38855 1525 EUNICE, LA 2200 W LAUREL AVE EUNICE LA 70535 1570 FAIRVIEW, TN 2415 FAIRVIEW BLVD FAIRVIEW TN 37062 1085 BEEBE, AR 901 W DEWITT HENRY DR BEEBE AR 72012 6015 MIDDLETON, TN (GD&D) 700 S. MAIN STREET MIDDLETON TN 38052 6021 SULLIGENT, AL (GD&D) 5705 HWY 278 SULLIGENT AL 35586 2753 REFORM, AL 609 1ST AVE W REFORM AL 35481 1713 GEORGIANA, AL 685 HWY 106 WEST GEORGIANA AL 36033 1723 GREENFIELD, TN 1207 S MERIDIAN ST GREENFIELD TN 38230 1805 HEBER SPRINGS, AR 308 S 7TH ST HEBER SPRINGS AR 72543 2175 LEXINGTON, MS 301 YAZOO ST LEXINGTON MS 39095 3368 WOODVILLE, MS 211 U.S. HWY 61 SOUTH WOODVILLE MS 39669 3053 TAYLORSVILLE, MS 402 PINE ST TAYLORSVILLE MS 39168 1920 INDIANOLA, MS 210 HIGHWAY 82 W INDIANOLA MS 38751 2613 PELAHATCHIE, MS 404 SECOND STREET PELAHATCHIE MS 39145 1683 CHURCH POINT, LA 821 S MAIN ST CHURCH POINT LA 70525 1893 HOUSTON, MS 905 N PONTOTOC ST HOUSTON MS 38851 1760 HAYNESVILLE, LA 9270 HIGHWAY 79 HAYNESVILLE LA 71038 1663 ALBANY, KY 800 N CROSS ST ALBANY KY 42602 2687 DEQUINCY, LA 702 WEST 4TH STREET DEQUINCY LA 70633 1060 ACKERMAN, MS 318 N ALFORD ACKERMAN MS 39735 1470 DURANT, MS 33674 HIGHWAY 12 DURANT MS 39063 2925 SHERIDAN, AR 624 S ROCK ST SHERIDAN AR 72150 2697 MANSFIELD, LA 400 WASHINGTON AVE MANSFIELD LA 71052