The Fred’s chain is closing 159 of its “underperforming” stores, including the one in Guntersville, according to USA Today. The stores are expected to be closed by the end of May.

The closing stores represent nearly 29 percent of Fred’s 557 stores and are located in 13 states, with Mississippi, Alabama, Georgia and Tennessee losing the most stores, USA Today said. Freds’ sales fell 4.9 percent in the first 9 months of 2018 compared to a year earlier.

“After a careful review, we have made the decision to rationalize our footprint by closing underperforming stores, with a particular focus on locations with shorter duration leases,” Fred’s CEO Joseph Anto said in the statement. “Most of these stores have near‐term lease expirations and limited remaining lease obligations.”

There are no plans to close a majority or all Fred’s stores or to file for bankruptcy, The Wall Street Journal reported.

The Guntersville Fred’s is one of 19 stores in Alabama that the chain is closing.

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.