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This December 7th, 2015 photo shows the Fred & # 39; s Pharmacy retail store in Memphis, Tennessee. Fred's, a small regional pharmacy chain in Memphis, had a good week. It all began Tuesday, December 20, 2016, when Fred's announced that it would pay $ 950 million for the purchase of 865
Fred's, the general discount retailer, is throwing in the towel and is formally seeking protection from Chapter 11 against bankruptcy, according to documents filed Monday with the Securities and Exchange Commission.
The shares, already beaten, have fallen to a new record.
| Teleprinter | security | Latest | Change | % Chg |
|---|---|---|---|---|
| FRED | FREDS | 0.12 | -0.12 | -49.47% |
The retailer, whose locations are primarily located in the southeastern part of the country, will hold liquidation sales at all locations and will close them in approximately 60 days.
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In July, the company announced plans to close 129 stores to streamline operations and reduce debt. At the time, this would have left 89 stores in operation.
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The retailer will continue to fulfill prescriptions in its pharmacies while continuing to sell this business.
Bankruptcy is subject to court approval, which the company hopes to win.
| Teleprinter | security | Latest | Change | % Chg |
|---|---|---|---|---|
| SHLD | n / A. | n / A. | n / A. | n / A. |
| WMT | WALMART INC. | 116.33 | +1.60 | + 1.39% |
| TGT | TARGET CORP. | 107.95 | -1.90 | -1.73% |
| AMZN | AMAZON.COM INC. | 1,831.35 | -2.16 | -0.12% |
Fred's comes as the retail sector in the United States struggles with the haves and have-nots. Iconic stores, such as Sears, are closing down and struggling to stay operational. Others, like Target and Walmart, are booming. These two countries have recently improved their earnings prospects, while Amazon, which announced this week its intention to recruit 30,000 full-time and part-time employees, remains the online leader.
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