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Fred's Closing 75 Stores

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Fred's Inc. will close 75 stores, slash corporate overhead and revamp merchandising programs as part of a strategic plan unveiled Wednesday designed to improve the sagging financial fortunes of the 700-store Memphis-based discount retailer.

In all, the plan is expected to save Fred's $11 million in expenses, before taxes, starting in the second half of this year, executives said.

The stores to be closed this year lost $9 million on operations in 2007.

The moves were part of an effort Fred's started late last year, with the help of Merrill Lynch, to study its strategic and financial options.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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