Memphis-based Fred's to close 60 stores - WMC Action News 5 - Memphis, Tennessee

Memphis-based Fred's to close 60 stores

In its second quarter report, Fred's revealed a net loss of $16.4 million for the quarter. Photo Source: WMC Action News file) In its second quarter report, Fred's revealed a net loss of $16.4 million for the quarter. Photo Source: WMC Action News file)

(WMC) - Memphis-based retailer Fred's announced Thursday it will close 60 of its stores. The stores that will close are those that do not include pharmacies and are not meeting operational performance goals.

In its second quarter report, Fred's revealed a net loss of $16.4 million for the quarter. In response, the company is "implementing several key operational changes."

Here is a list of those changes:

- Addressing low-productive inventory that does not fit Fred's go-forward store model

- The closing of 60 stores that have no pharmacies and do not meet operational performance targets

- Supply chain and operational improvements at stores to improve productivity and remove costs associated with excessive inventory

- Expanded general merchandise product sourcing capabilities

- The transition to a new pharmacy prime vendor agreement with Cardinal Health

Specific details about which stores will close were not available in the report.

To see Fred's second quarter report, click here: http://ftpcontent4.worldnow.com/wmctv/fredsreport.pdf

Copyright 2014 WMC Action News 5. All rights reserved. 

  • News on WMCTV.comNewsMore>>

  • Man shot, killed at convenience store

    Man shot, killed at convenience store

    Monday, May 21 2018 6:35 AM EDT2018-05-21 10:35:35 GMT
    (Source: WMC Action News 5)(Source: WMC Action News 5)

    Memphis Police are investigating a shooting that left a man dead. 

    More >>

    Memphis Police are investigating a shooting that left a man dead. 

    More >>
  • Woman shot at Memphis strip club

    Woman shot at Memphis strip club

    Monday, May 21 2018 6:33 AM EDT2018-05-21 10:33:28 GMT
    (Source: WMC Action News 5 archives)(Source: WMC Action News 5 archives)

    Memphis Police Department is investigating after a woman was shot outside a strip club Sunday morning.

    More >>

    Memphis Police Department is investigating after a woman was shot outside a strip club Sunday morning.

    More >>
  • 9-year-old dies in crash after driver falls asleep behind the wheel

    9-year-old dies in crash after driver falls asleep behind the wheel

    Monday, May 21 2018 6:13 AM EDT2018-05-21 10:13:20 GMT
    Jaliya Lewis (Source: Family)Jaliya Lewis (Source: Family)

    Memphis Police Department is investigating a deadly crash that happened early Sunday morning.  Police were called to the scene on Spottswood Avenue and Goodwyn Street where a car hit a tree.  Three children were injured in the crash and taken to Lebonheur Children's Hospital. Two of the children are in non-critical condition. Nine-year-old Jaliya Lewis died from her injuries. Police say the children were unrestrained in the back seat of the vehicle and were thrown to the ...

    More >>

    Memphis Police Department is investigating a deadly crash that happened early Sunday morning.  Police were called to the scene on Spottswood Avenue and Goodwyn Street where a car hit a tree.  Three children were injured in the crash and taken to Lebonheur Children's Hospital. Two of the children are in non-critical condition. Nine-year-old Jaliya Lewis died from her injuries. Police say the children were unrestrained in the back seat of the vehicle and were thrown to the ...

    More >>
Powered by Frankly