Fred's Announced on Monday that they are filing Chapter 11 Bankruptcy, and closing all stores.

 

Fred's, a discount retailer store, announced on Monday that they are filing for Chapter 11 bankruptcy protection, and closing all of its stores.

Since 2015 Fred's had been reporting yearly losses which lead to the discount retailer store selling pharmacy files to Walgreens in 2018 after a failed merger attempt between the two stores, and Rite Aid.

Fred's continued to salvage their company by cutting cost, and closing hundreds of unprofitable stores along with inventory clearance sales.

Monday's announcement for filing bankruptcy means their efforts were unsuccessful, and this was confirmed by Fred's CEO Joe Anto in a released statement he said, "Despite our team's best efforts, we were not able to avoid this outcome. I want to thank all of our employees for their hard work and continued support of the Company as we wind-down our operations."

Fred's has stated that they will continue filling pharmacy prescriptions at most of its pharmacy locations, and they expect liquidation sales at retail locations to be completed over the next 60 days.