Fred's to close another 49 stores, following announcements of 263 closures the past 2 months [MarketWatch]
FRED'S (FRED)
Last fred's earnings: 12/6 07:00 am
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investors.fredsinc.com/investor-overview
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Source: MarketWatch
Fred's to close another 49 stores, following announcements of 263 closures the past 2 months Fred's Inc. FRED, -7.12% said Friday that it will close an additional 49 stores, across 8 states, but keep the pharmacies open at the locations. The closures come after the struggling discount retailer announced the closure of a total of 263 stores over the past two months. "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," the company said in a statement. The company said in its 10-Q filing with the Securities and Exchange Commission earlier this week that there was "substantial doubt" about its ability to continue as a going concern. The stock fell 0.7% to 38 cents in morning trading. It has plunged 86% over the past three months, while the S&P 500 SPX, +0.07% has gained 3.2%.
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