Fred’s liquidation moves forward
Fred’s has been given the approval for an asset disposition specialist to advise on store closing sales at its remaining locations.
The Memphis-based discount has once again tapped SB360 Capital Partners as its exclusive consultant to conduct store closing sales in all 81 remaining Fred’s locations. SB360 has closed 442 Fred’s locations since April of this year.
Fred’s Inc. filed a voluntary petition for Chapter 11 on September 9 in the U.S. Bankruptcy Court for the District of Delaware. The court gave interim approval on the next day, September 12, for the retention of SB360 as a consultant for the sale.
Fred’s expects to continue fulfilling pharmacy prescriptions at most of its pharmacy locations, while it continues to pursue the sale of its pharmacies as part of the court-supervised proceedings.
Fred’s, which was founded in 1947, operates stores throughout the Southeast. The retailer has been closing stores throughout 2019 in an effort to restructure its struggling operations. In mid-July, the company announced it would close another 129 locations which, when completed, would leave it with 80 stores, centered primarily around its distribution center in Dublin, Ga.
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