SB360 CONTINUES AS EXCLUSIVE CONSULTANT TO CONDUCT STORE CLOSING SALES IN 49 FRED’S STORES
BOSTON, Massachusetts – June 21, 2019 – In an ongoing effort to rationalize their store footprint, Fred’s Inc., has once again tapped SB360 Capital Partners (www.sb360.com), one of North America’s leading asset disposition specialists, as the exclusive consultant to conduct “Store Closing” Sales in 49 additional stores. The Sale in these additional stores starts today.
Fred’s Pharmacies within each of the locations will be unaffected by the closures. The Fred’s Pharmacy team will continue to serve all of their customer’s prescription needs.
Since early April, SB360 has worked with Fred’s management, market leaders, and store teams to conduct Store Closing Sales. One group of 105 Fred’s stores will wrap up sales and close for business over the next week.
Founded in 1947, Fred’s serves small communities throughout the southeast. Fred’s offers value-priced products across categories that fulfill everyday needs – food, fresh goods, snacks, soda, toiletries, over-the-counter medications, household products, hardware, sporting goods, lawn & garden, toys, and much more. Aside from big-box competitors, Fred’s is frequently the dominant value retailer in the communities that it serves.
Ziggy Schaffer, Executive Vice President of SB360, said, “As we saw in the prior Fred’s closing stores, sales are always brisk, and the shelves empty quickly. Fred’s stores offer good day-in, day-out value on everyday necessities, and with discounts on top of good prices, shoppers buy in bulk.”
“Fred’s shoppers are frequent shoppers,” said Aaron Miller, Executive Vice President of SB360. “They’re in the store every week, and some of them are in multiple times each week. When they see the discounts, word travels fast. Fred’s shoppers know if they don’t buy early, what they want may not be there later.”
Fred’s store teams work hard to keep the shelves stocked. But after a few days of the Closing Sale, the backrooms are empty and the stores start condensing the remaining product.
Mr. Schaffer and Mr. Miller emphasized, “The best advice we can give is to shop the Fred’s stores early in the Sale for best selection.”
About SB360 Capital Partners, LLC – SB360 Capital Partners (www.sb360.com), a Schottenstein Affiliate, helps businesses manage change, restructure assets, and turn around dwindling profitability. SB360 makes equity investments to infuse capital for growth opportunities, fund turnarounds, and provide liquidity to businesses experiencing change. SB360 acquires assets of all types including inventory, fixed assets, intellectual property, real estate, and complete business units. The firm’s asset disposition services range from providing guaranteed asset value recovery to acting as a liquidation consultant. Additionally, SB360 has entities engaged in real estate advisory, commercial real estate investment, and the operation of the SBC Logistics Asset Recovery Center in Columbus. A lending affiliate, Second Avenue Capital Partners, provides asset-based loans for middle market companies. The principals of SB360 hold extensive commercial interests in national retail and wholesale operations; internationally recognized consumer brands; commercial, residential, and industrial real estate properties; and financial service operations.
About Fred’s Inc. – Since 1947, Fred’s, Inc. has been an integral part of the communities it serves throughout the southeastern United States. Fred’s mission is to make it easy AND exciting to save money. Its unique discount value store format offers customers a full range of value-priced everyday items, along with terrific deals on closeout merchandise throughout the store. For more information about the Company, visit Fred’s website at www.fredsinc.com.