Fred’s closing 60 stores

Fred's

MEMPHIS, Tenn. — Fred’s, based in Memphis, will close 60 stores nationally.

The stores that are closing do not have pharmacies and do not meet newly established store guidelines.

The information came out as Fred’s released numbers to investors.

The company posted a loss of $16 million compared with a year earlier profit of $3.3 million.

Fred’s did not say which stores are closing.

 

13 comments

  • thristian

    Lol what does Obama have to do with freds store closing?? Sounds like poor management to me. The younger generation that took over is the down fall not Obama!!

  • thristian

    American idiot how is he the down fall? If your going to say its because of the Obama care, I will stop you in your tracks!! I agree he hasn’t made the best decision for America, but the drug administration has a lot to do with the high price of medications for people to afford! Obama attempted to correct this by creating the health care act; however, this country is in way over its head and that my dear friend “American Patriot” started with Bush!!

  • Cityisajoke

    For all the pitiful people in this world that has nothing else better to do than to blame ONE man (flesh & blood) like everyone else, get off you butts and fix it. Get out here and convince enough people that your theory is the right way. But keep in mind…Obama was able to accomplish and convinced enough people to give him MILLIONS. If u have the gift of gab….by all means…..I’ll wait…..

  • James

    I’ll tell you why Fred’s is going belly up. Poor Management. Every weekend the sales paper come out and half the items aren’t in the stores or have been sold out for months. I complained about this to Fred’s management twice because we went for items that were not there several times. They also did a software upgrade on their credit card machine and it stopped working so they left it like that and only accepted cash or checks. Our store closed last year and good riddance the new Mighty Dollar in the building is much better than Fred’s.

  • Rude Druid

    Catabolic collapse.

    Look at Sears today. Fred’s cannot muster a Great Leap Forward over the likes of Wal-Mart. Fred’s is neither well managed nor based on a viable business model.

  • RealTruth

    Freds has almost 700 stores. Closing 60 is a business strategy and certainly not “belly up” as stated earlier. Closing under performing stores is a common business strategy. I don’t understand why people who have no understanding of business feel the need to make ill informed comments. On the obama front, while he may be responsible for the poor economy, he has nothing to do with Freds as a business. Yes, I know many of you want to defend your all mighty leader, but fact of the matter is, he is no leader. He simply holds a title with no understanding of how to properly use it. Defend him if you think you must. It still doesn’t change the fact that he is a poor excuse for a president. Six years later and still blaming Bush….

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