Discount merchandise retailer Fred’s announced the closure of an additional 129 stores Friday, including its Yellville location. The Marion County location is one of 16 in Arkansas on the closure list.
CNBC reports Fred’s will hold inventory clearance sales as the company works to repay its debt and diversify its production selection.
In April, Fred’s announced the closing of hundreds of its stores, including its Mountain Home location.
With the latest round of closures, Freds will have an estimated 80 retail stores and 166 pharmacies standing. In a press release, the retailer said all pharmacies would stay open and be able to fill prescriptions.
Joseph Anto, Fred’s CEO, says, While it is never easy to make decisions that impact our valued employees and customers, this initiative represents another necessary step in our continued efforts to stabilize our business by simplifying our store portfolio and product assortment.
Anto says he encourages Freds customers to take advantage of their clearance sales, which will offer a compelling opportunity to purchase heavily discounted items for a limited time.
The discount merchandise retailer was founded in 1947 in Coldwater, Mississippi, and expanded across the Southeast.
In 2018, Freds sold its pharmacy files to Walgreens for roughly $165 million.
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