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SB360 Capital Partners Tapped to Facilitate Closure of 49 Fred’s Stores

June 24, 2019, 08:55 AM
Filed Under: Retail

In an ongoing effort to rationalize their store footprint, Fred’s Inc., has once again tapped SB360 Capital Partners, one of North America’s leading asset disposition specialists, as the exclusive consultant to conduct “Store Closing” Sales in 49 additional stores.

Pharmacies within each of the locations will be unaffected by the closures. The Fred’s Pharmacy team will continue to serve all of their customer’s prescription needs.
Since early April, SB360 has worked with Fred’s management, market leaders, and store teams to conduct Store Closing Sales. One group of 105 Fred’s stores will wrap up sales and close for business over the next week.

Founded in 1947, Fred’s serves small communities throughout the southeast. Fred’s offers value-priced products across categories that fulfill everyday needs – food, fresh goods, snacks, soda, toiletries, over-the-counter medications, household products, hardware, sporting goods, lawn & garden, toys, and much more. Aside from big-box competitors, Fred’s is frequently the dominant value retailer in the communities that it serves.

Ziggy Schaffer, Executive Vice President of SB360, said, “As we saw in the prior Fred’s closing stores, sales are always brisk, and the shelves empty quickly. Fred’s stores offer good day-in, day-out value on everyday necessities, and with discounts on top of good prices, shoppers buy in bulk.”

“Fred’s shoppers are frequent shoppers,” said Aaron Miller, Executive Vice President of SB360. “They’re in the store every week, and some of them are in multiple times each week.  When they see the discounts, word travels fast. Fred’s shoppers know if they don’t buy early, what they want may not be there later.”

Fred’s store teams work hard to keep the shelves stocked.  But after a few days of the Closing Sale, the backrooms are empty and the stores start condensing the remaining product.

Mr. Schaffer and Mr. Miller emphasized, “The best advice we can give is to shop the Fred’s stores early in the Sale for best selection.”

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