Memphis-based discount chain Fred’s Thursday announced the closing of another 104 of its stores as part of a corporate effort to downsize.
Two of the stores being closed in the move are located in Southaven and in Hernando, Fred’s reported.
The company termed the stores being closed as “underperforming” as part of “an ongoing effort to rationalize its store footprint.”
The Fred’s store in Southaven affected by the decision is located at 8912 Northwest Drive, south of Main Street. The Hernando location is at 6 East Commerce Street.
Sales were to start immediately as the corporation liquidates its assets.
The stores are expected to close by the end of June. The majority of the stores being closed in this latest round are situated in Mississippi, Arkansas, Georgia, and Tennessee.
Another 159 Fred’s stores were targeted to be closed five weeks ago, including the Horn Lake location on Goodman Road West. Those stores should be closed by the end of May.
The company, prior to the liquidation move, had 557 stores located in 13 states. The reductions will mean the company will have 294 stores remaining in the corporate footprint.
It was reported that sales at Fred’s stores had fallen by 4.9 percent in the first nine months of 2018, compared to a year earlier.
Including the Hernando and Southaven locations, a total of 18 Mississippi Fred’s stores are being shuttered. The group includes a Senatobia location at 102 Norfleet Drive.
Bob Bakken is Managing Editor for the DeSoto Times-Tribune