SB360 Capital Partners, an asset disposition firm, said it has been retained by Fred’s as the exclusive consultant to conduct store closing sales in 104 additional stores for the retailer.
The closeout firm was initially retained by Fred’s in April to conduct store closing sales in 159 locations. Those stores have entered their final days and will wrap up business over the next week to 10 days, the company said.
Aaron Miller, evp/SB360, said, “Fred’s is a value retailer selling everyday necessities, and their customers recognize the significant additional savings offered during these events. We saw the response in April during the initial round of closings, and the first week cleared a lot of product. Customers saw if they didn’t buy it quickly, what they wanted wasn’t there when they returned.”
In April, Fred’s said it would close 159 underperforming and unprofitable stores, and retained P.J. Solomon to evaluate strategic alternatives.