Fred's to Close 60 Stores

Memphis, Tenn.-based general merchandise retailer Fred's has decided to close 60 of its stores that don't have a pharmacy and that don't meet performance targets, as the chain continues to place more emphasis on its pharmacy offerings. Fred's CEO Bruce Efird said today the decision, announced the same day Fred's reported a second quarter marked by a net loss of $16.4 million, came as a result of a deep analysis the chain undertook in January. It was a look at the entirety of the organization, he said, "with a recognition that retail will not continue with business as usual."