The Memphis-based discount chain Fred’s is closing 49 more stores. 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 percent 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.
The pharmacies inside the closing stores will remain open, Fred’s said in the statement.
