|Bid||0.0000 x 42600|
|Ask||0.0000 x 41800|
|Day's Range||0.1000 - 0.1000|
|52 Week Range||0.0700 - 2.8900|
|Beta (3Y Monthly)||1.94|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Fred's Inc said on Monday it has filed for Chapter 11 bankruptcy protection, months after the pharmacy and discount retailer began shuttering hundreds of unprofitable stores in the United States, sending its shares down 44% before the bell. Since the start of 2017, over 20 U.S. retailers, including Sears Holdings Corp and Toys 'R' Us, have filed for bankruptcy, succumbing to the onslaught of fierce e-commerce competition from Amazon Inc.
Fred's Inc. shares tanked more than 44% in Monday premarket trading after the struggling retailer said it voluntarily filed for bankruptcy. Fred's, which has stores throughout the southeastern U.S. and launched in 1947, has also filed a motion with U.S. Bankruptcy Court to enter into a $35 million debtor-in-possession financing agreement with some of its existing lenders. Fred's has started liquidation sales at all of its locations, which are expected to close in the next 60 days. Prescriptions will continue to be filled at pharmacy locations as the company seeks to sell that part of the business through court-supervised proceedings. Fred's has been shuttering stores throughout 2019 in an effort to restructure the company. "Despite our team's best efforts, we were not able to avoid this outcome," said Fred's Chief Executive Joe Anto in a statement. Fred's stock, which closed Friday at 24 cents, has lost 85.5% of its value over the past year. The S&P 500 index is up 3.7% for the last 12 months.
Since the start of 2017, over 20 U.S. retailers, including Sears Holdings Corp and Toys 'R' Us, have filed for bankruptcy, succumbing to the onslaught of fierce e-commerce competition from Amazon Inc . Fred's, which has been making losses since 2015, has been trying to turn around its business.
On a per-share basis, the Memphis, Tennessee-based company said it had profit of $1.91. Losses, adjusted to account for discontinued operations, were $1.86 per share. The discount retailer posted revenue ...
The Memphis, Tennessee-based company said in a statement that it had begun liquidation sales at 159 stores with the goal of closing the underperforming and unprofitable outlets by the end of May. The company said 398 other stores will remain open. to sell the pharmacy patient prescription files and related pharmacy inventory of 179 Fred's stores located across 10 Southeastern states.
Fred's Inc said on Thursday it would close at least 159 underperforming and unprofitable stores, or nearly 30 percent of its total number of outlets, as the discount retailer works to turnaround its struggling business. The company also said it is continuing to pursue the sale of its remaining pharmacy assets following the sale of patient prescription files and related pharmacy inventory from 179 Fred's stores to drugstore chain Walgreens Boots Alliance Inc .
On a per-share basis, the Memphis, Tennessee-based company said it had a loss of 74 cents. Losses, adjusted to account for discontinued operations, came to 83 cents per share. The discount retailer posted ...