MEMPHIS, TN (WMC) - Memphis-based Fred’s Pharmacy will soon be moving its corporate headquarters to Dallas, Texas.
Speculation about this move had been happening for several days.
A WMC Action News 5 source informed us that corporate employees were told that the deal is done.
Severance packages have been offered as part of the move.
Mayor Jim Strickland and the EDGE board have been trying to convince the company to stay in the Bluff City.
The revelation comes on the heels of a tumultuous few months for the retail and pharmacy company.
In April, Fred's CEO Mike Brown stepped down.
In June, the company sold its' specialty pharmacies for $40 million.
And in September, Fred's announced it would be laying off 80 corporate employees.
The company is currently restructuring after plans to expand its' pharmacy brand fell through.
Fred's was once in the running to acquire numerous Rite-Aid stores but the Federal Trade Commission denied it.
It’s unclear at this time when Fred’s headquarters will be moving..
Our source said the headquarters is moving but the retail and pharmacy store will keep a small corporate presence in Memphis.
The company is also looking to keep the distribution center here in the Mid-South but in a new location.