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Fred’s is closing the doors of 159 locations in 13 different states. Thirty-one of the stores closing are in Mississippi.
The Memphis based discount chain is closing a total of 557 stores or 29% of its businesses. The reason given for the closing is underperforming stores.
“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. Most of these stores have near-term lease expirations and limited remaining lease obligations,” said company CEO Joseph Anto. “Decisions that impact our associates in this way are difficult, but the steps we are announcing are necessary. We will make every effort to transition impacted associates to other stores where possible.”
The majority of the stores that are closing are in Mississippi, Alabama, Georgia, and Tennessee.
Stores are scheduled to close May 31, 2019. The Magee Fred’s is one of the stores scheduled to close.
