Fred’s files for bankruptcy, will close remaining stores


NEW INFORMATION TONIGHT FOR A LONGTIME MEMPHIS BASED COMPANY… FRED’S STORES HAVE DECIDED IT’S TIME TO CLOSE FOR GOOD. THE COMPANY ANNOUNCING TODAY IT’S FILING FOR BANKRUPTCY AND SHUT-DOWN ALL REMAINING STORES. THE COMPANY ALSO HOPES TO RECEIVE 35 MILLION DOLLARS IN DEBT- FINANCING RELIEF. FRED’S EXPECTS IT WILL TAKE TWO MONTHS TO CLOSE THE REST OF ITS STORES. IT ENDS A DOWNWARD SLIDE THAT BEGAN YEARS AGO.. CAPPED BY AN EXPANSION DEAL THAT FELL THROUGH LAST YEAR. THE COMPANY SOLD ITS HEADQUARTERS ON GETWELL BACK IN JULY… AND FILED A NOTICE FOR PERMANENT CLOSURE WITH THE STATE OF TENNESSEE THAT MONTH. FRED’S IS ALSO IN THE MIDDLE OF A LAWSUIT WITH FORMER WAREHOUSE WORKERS WHO SAY THEY DIDN’T GET THE SEVERANCE PAY THEY WERE

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