Business

Fred’s closing 5 stores on the Coast as company shutters more than 200 nationwide

Can retail be rescued? Why so many U.S. stores are closing

Stores that have been staples of the American shopping tradition for decades are closing in large numbers. Take a closer look at the reasons why it’s so hard for retailers to stay open.
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Stores that have been staples of the American shopping tradition for decades are closing in large numbers. Take a closer look at the reasons why it’s so hard for retailers to stay open.

Fred’s announced Thursday that it will close 159 “under-performing stores.”

The list includes 49 Mississippi stores and five Coast locations, Gautier, Moss Point, Wiggins, 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.
  • Moss Point, 7833 Highway 613 (closing at the end of June).
  • Wiggins, 116 2nd St S (store closing, pharmacy to remain open)

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