Fred’s in Fulton is among the latest slated to close as the retail giant continues shuttering locations across the country.
Last week Fred’s, Inc. corporate office announced its latest round of closings – 129 stores in total. Its Fulton location is among them.
The company made its announcement via press release. This round of closings will include 35 total Mississippi locations. The latest round leaves the company with about 80 stores nationwide.
In late June, the company announced the closing of its Mantachie retail location, although the pharmacy remained open. As of press deadline, representatives with Fulton Fred’s were unable to confirm whether or not the Fulton location’s pharmacy would remain open. They also couldn’t give a firm closing date.
The latest store closures affect eight states, including Alabama, Arkansas, Georgia, Louisiana, Mississippi and Tennessee.
Fred’s gross profit fell 16.2% during the quarter, from $89.1-million last year to $74.6 million this year. A key retail metric – comparable store sales – fell 8.5%.
Fred’s opened its first store in Coldwater, Mississippi in 1947.