Business

Another wave of Fred's closings across Mid-South taking away more than 100 stores


MEMPHIS, Tenn. - Fred’s Inc. is closing another round of stores across the Mid-South next month.


This comes just one month after the retailer announced its plans to close 159 stores at the end of May.


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“It’s happening globally in retail, it’s changing times and sometimes it’s hard to compete,” said Jeff Wallace, an economist at University of Memphis.


In a statement, the company’s CEO Joseph Anto said: “These additional store closures are a difficult, but necessary step in the continued restructuring of Fred’s.”


“However, that might have hurt their business some because I think it chased away some customers who would have shopped at Fred’s when they went to a pharmacy.”






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