CLARKSVILLE, Tenn. (CLARKSVILLENOW) – Fred’s, Inc. today announced that it will begin to close underperforming and unprofitable stores.
The Clarksville store at 390 Highway 149 is on the list of stores set to close.
“After a careful review, we have made the decision to rationalize our footprint by closing underperforming stores, with a particular focus on locations with shorter duration leases. Most of these stores have near-term lease expirations and limited remaining lease obligations. Decisions that impact our associates in this way are difficult, but the steps we are announcing are necessary. We will make every effort to transition impacted associates to other stores where possible,” Joseph Anto, Fred’s Chief Executive Officer, said in a release.
Fred’s intends to close all 159 impacted stores by the end of May 2019.
The company is also continuing to pursue the sale of its remaining pharmacy assets as part of its previously announced plan.