Fred’s To Close Additional 129 Stores

Fred’s, Inc. is closing an additional 129 stores as part of an on-going effort to refocus its product mix, simplify its store portfolio and repay debt, company officials said.

Fred’s Closing More Stores

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.

Walgreens, Rite Aid Scrap Merger Plans

Walgreens and Rite Aid have terminated their merger agreement. The decision to terminate the merger agreement follows feedback on the merger’s prospects received from the Federal Trade Commission, Rite Aid said. Rite Aid added that the potential FTC objection led the company to believe that the parties would not have obtained the commission’s clearance to complete the merger.

Fred’s Q1 Sales Down

As Fred’s continues to see improvements in pharmacy sales and a positive impact from front of store remodels, these factors were still not enough to allow the company to grow sales in the first quarter.

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