Fred’s files for bankruptcy, to shut down

Discount retail and pharmacy chain files for bankruptcy

MEMPHIS, Tenn. (WMC) - Fred's stores will soon shut their doors for good.

Fred's, Inc. announced Monday that it filed for chapter 11 bankruptcy.

The company will also begin to wind down its operations. It began a liquidation sale at all of its locations.

Hundreds of Fred’s locations have already closed over the past several months. The remaining stores are expected to close over the next 60 days.

“Despite our team’s best efforts, we were not able to avoid this outcome,” Chief Executive Officer Joe Anto said in a statement. “I want to thank all of our employees for their hard work and continued support of the Company as we wind-down our operations.”

The company will continue fulfilling pharmacy prescriptions while it continues to look for a buyer for its pharmacies.

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