Can retail be rescued? Why so many U.S. stores are closing
Fred’s announced Thursday that they will close 159 “under-performing stores.”
The list includes 31 Mississippi stores and three Coast locations including Gautier, Ocean Springs and Pascagoula, according to Fred’s website.
A U.S. Securities and Exchange Commission (SEC) filing said, “The decision to close these stores is the result of a comprehensive evaluation of the company’s store portfolio, which examined historical and recent store performance and the timing of lease expirations, among other factors,” according to a Memphis Journal article.
The store closings come after Walgreens acquired patient prescription files and related pharmacy inventory from 185 Fred’s stores in a $165 million deal, according to a Walgreens press release.
USA Today is reporting that the stores will close by the end of May.
The Coast stores closing are:
- Gautier, 237 Woodland Dr.
- Ocean Springs, 3176 Bienville Blvd.
- Pascagoula, 2511 Ingalls Ave.