0.3100 -0.01 (-2.36%)
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|Bid||0.3150 x 1800|
|Ask||0.3200 x 1000|
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Memphis' beleaguered, publicly traded retailer has a new office home in Memphis. Fred's Inc. signed a three-year lease for 18,700 square feet at 6625 Lenox Park Blvd. in early July. The lease occurred roughly concurrent with the company selling its longtime headquarters on Getwell Road.
Alden’s decisions to close hundreds of Fred's stores are playing out in meaningful ways far beyond Memphis, much less New York.
Fred’s recently revitalized its investor website, but, the Memphis-based company presents an image that is decidedly not Memphis-y.
Fred's Inc. said Friday it was closing an additional 129 retail stores across 13 states, which will leave the Memphis-based discount retailer with 80 stores. The additional closures comes after the company announced the closing of more than 300 stores over the past few months. As of Feb. 2, the company had 568 general merchandise stores in 15 states. The company said all pharmacies, including the 69 within the 129 additional retail locations being closed, will remain open. The stock has plunged 77% year to date through Thursday, while the SPDR S&P Retail ETF has gained 3.6% and the S&P 500 has rallied 20%.
Fred's Inc. has sold its 58-acre Getwell Road headquarters. Montreal-based Olymbec bought the property from the beleaguered discount retailer for $8.25 million. On site are a 758,000-square-foot warehouse, a 65,000-square-foot retail building, and two office towers totaling about 224,000 square feet, according to Olymbec.
After failing to meet certain conditions under its credit agreement, Fred’s long-term prospects remain shaky.
The Fred's stores closing 2019 list continues to grow as the chain adds more locations to it.Source: Shutterstock Fred's (NASDAQ:FRED) says that it will be shutting down an additional 49 stores this year. This is due to its readjusting its store footprint. However, the chain does note that pharmacies will continue operations even after these stores close their doors.The following are the new locations on the Fred's stores closing 2019 list.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * LOUISVILLE, GA 119 US 1 BY-PASS LOUISVILLE GA 30434 * LEXINGTON, GA 718 ATHENS RD LEXINGTON GA 30648 * ROLLING FORK, MS 901 US 61 ROLLING FORK MS 39159 * SOPERTON, GA 4269 W MAIN ST SOPERTON GA 30457 * OKOLONA, MS 511 W MONROE AVENUE OKOLONA MS 38860 * CALHOUN CITY, MS 71 HIGHWAY 8 E CALHOUN CITY MS 38916 * CLARKSVILLE, AR 409 W MAIN ST CLARKSVILLE AR 72830 * MACON, MS 59 FRONTAGE RD MACON MS 39341 * RICHTON, MS 403 FRONT ST RICHTON MS 39476 * BRINKLEY, AR 1131 NORTH CHARLYNE BRINKLEY AR 72021 * BOLIVAR, TN 105 TENNESSEE ST BOLIVAR TN 38008 * HAMBURG, AR 700 N MAIN ST HAMBURG AR 71646 * TYLERTOWN, MS 3000 PLAZA DRIVE TYLERTOWN MS 39667 * FERRIDAY, LA 2094 EE WALLACE BLVD N FERRIDAY LA 71334 * CAMDEN, TN 195 HIGHWAY 641 N CAMDEN TN 38320 * NEWTON, MS 304 NORTHSIDE DR NEWTON MS 39345 * WIGGINS, MS 116 2ND STREET SOUTH WIGGINS MS 39577 * SPRINGHILL, LA 1190 S ARKANSAS ST. SPRINGHILL LA 71075 * NORTH CROSSETT, AR 1164 HIGHWAY 133 N CROSSETT AR 71635 * LORETTO, TN 534 N MILITARY ST LORETTO TN 38469 * BALD KNOB, AR 170 HIGHWAY 167 N BALD KNOB AR 72010 * CHEROKEE VILLAGE, AR 200 HOSPITAL DRIVE CHEROKEE VILLAGE AR 72529 * KERSHAW, SC 405 SOUTH HAMPTON STREET KERSHAW SC 29067 * KENTWOOD, LA 734 AVENUE G, HIGHWAY 38 KENTWOOD LA 70444 * MORRILTON, AR 601 N ST JOSEPH MORRILTON AR 72110 * MANTACHIE, MS 67 WATSON DR MANTACHIE MS 38855 * EUNICE, LA 2200 W LAUREL AVE EUNICE LA 70535 * FAIRVIEW, TN 2415 FAIRVIEW BLVD FAIRVIEW TN 37062 * BEEBE, AR 901 W DEWITT HENRY DR BEEBE AR 72012 * MIDDLETON, TN (GD&D) 700 S. MAIN STREET MIDDLETON TN 38052 * SULLIGENT, AL (GD&D) 5705 HWY 278 SULLIGENT AL 35586 * REFORM, AL 609 1ST AVE W REFORM AL 35481 * GEORGIANA, AL 685 HWY 106 WEST GEORGIANA AL 36033 * GREENFIELD, TN 1207 S MERIDIAN ST GREENFIELD TN 38230 * HEBER SPRINGS, AR 308 S 7TH ST HEBER SPRINGS AR 72543 * LEXINGTON, MS 301 YAZOO ST LEXINGTON MS 39095 * WOODVILLE, MS 211 U.S. HWY 61 SOUTH WOODVILLE MS 39669 * TAYLORSVILLE, MS 402 PINE ST TAYLORSVILLE MS 39168 * INDIANOLA, MS 210 HIGHWAY 82 W INDIANOLA MS 38751 * PELAHATCHIE, MS 404 SECOND STREET PELAHATCHIE MS 39145 * CHURCH POINT, LA 821 S MAIN ST CHURCH POINT LA 70525 * HOUSTON, MS 905 N PONTOTOC ST HOUSTON MS 38851 * HAYNESVILLE, LA 9270 HIGHWAY 79 HAYNESVILLE LA 71038 * ALBANY, KY 800 N CROSS ST ALBANY KY 42602 * DEQUINCY, LA 702 WEST 4TH STREET DEQUINCY LA 70633 * ACKERMAN, MS 318 N ALFORD ACKERMAN MS 39735 * DURANT, MS 33674 HIGHWAY 12 DURANT MS 39063 * SHERIDAN, AR 624 S ROCK ST SHERIDAN AR 72150 * MANSFIELD, LA 400 WASHINGTON AVE MANSFIELD LA 71052 * The 7 Best Dow Jones Stocks to Buy for the Rest of 2019 You can follow this link to learn more about the Fred's stores closing 2019 plans. More From InvestorPlace * 4 Top American Penny Pot Stocks (Buy Before June 21) * The 7 Best Dow Jones Stocks to Buy for the Rest of 2019 * 5 Boring Stocks to Buy This Summer * 7 S&P 500 Stocks to Buy With Little Debt and Lots of Profits As of this writing, William White did not hold a position in any of the aforementioned securities.Compare Brokers The post Fred's Stores Closing 2019: 49 Additional Locations to Shut Down appeared first on InvestorPlace.
Fred’s is shrinking its store count — again. The company’s investor relations website was also down. "Fred’s decision to close additional underperforming stores follows a continued evaluation of the Company's store portfolio, including historical and recent store performance and the timing of lease expirations, among other factors," the release said.
Fred's Inc. said Friday that it will close an additional 49 stores, across 8 states, but keep the pharmacies open at the locations. The closures come after the struggling discount retailer announced the closure of a total of 263 stores over the past two months. "Fred's decision to close additional underperforming stores follows a continued evaluation of the company's store portfolio, including historical and recent store performance and the timing of lease expirations, among other factors," the company said in a statement. The company said in its 10-Q filing with the Securities and Exchange Commission earlier this week that there was "substantial doubt" about its ability to continue as a going concern. The stock fell 0.7% to 38 cents in morning trading. It has plunged 86% over the past three months, while the S&P 500 has gained 3.2%.
The wheels might not be completely off, but Fred’s first quarter 2019 results provided little reassurance about the company's future. After an initial delay, the Memphis-based discount retail chain filed its Q1 report with the U.S. Securities and Exchange Commission (SEC) June 18. The company’s earnings call, led by Fred’s CEO Joe Anto, was held Wednesday, June 19, and lasted eight minutes.
Fred's also said it anticipates "there will be a significant change in the company's results of operations."
With the company’s stock sitting at $0.40, 2019 has ushered in salary increases and bonuses for Fred’s top execs.
The new, June 3 SEC filing finally acknowledges that, effective Dec. 3, 2018, Fred’s entered into a lease agreement “for certain office space in Dallas, Texas.”
As Fred's closes more than 260 retail locations, it's making sure its loyal customers know there are deals to be had.
After a dismal earnings report, Fred’s stock is in the danger zone. The Memphis-based general merchandise retailer held its fourth quarter and full-year earnings call May 6, reporting that net sales were down 17.
In December 2016, with stock prices nearing $19, Alden Global Capital became Fred’s largest shareholder. Today, the New York hedge fund has continued to expand its control while the company’s emaciated stock sits below $1.
During the call — which lasted about 10 minutes — Joe Anto, CEO of Fred’s, said the fourth quarter was “challenging” and that front store sales had dropped significantly versus Q4 2017. Fred's second distribution center is a 600,000-square-foot facility located in Dublin, Georgia, that services 271 stores.
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.
The board of directors for Fred’s Inc. has approved the closure of 159 “underperforming stores.” According to an April 11 U.S. Securities and Exchange Commission (SEC) filing from the Memphis-based discount retail chain, "The decision to close these stores is the result of a comprehensive evaluation of the company’s store portfolio, which examined historical and recent store performance and the timing of lease expirations, among other factors." The 159 stores are expected to close by the end of May. The closure list, that includes multiple Mid-South stores, can be found at the end of the article. The SEC filing goes on to state: In conjunction with today’s SEC filing, Fred’s also issued a press release that stated it had retained financial advisory firm PJ Solomon April 10 to “evaluate strategic alternatives to maximize value for all shareholders.” PJ Solomon will review Fred’s operating plan and strategic alternatives.