SB360 RENEWS AGREEMENT TO CONDUCT STORE CLOSING SALES IN 129 ADDITIONAL FRED’S INC. STORES
BOSTON, Massachusetts – July 12, 2019 – SB360 Capital Partners (www.sb360.com), one of North America’s leading asset disposition specialists, has renewed their agreement to work as the exclusive consultant to conduct “Store Closing” Sales for Fred’s Inc., and will begin sales in 129 new locations today. Fred’s added the 129 underperforming locations as part of a continued evaluation of their store portfolio.
Fred’s Pharmacy locations will be unaffected by the closures. The Fred’s Pharmacy team will continue to serve their customer’s prescription needs.
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.
Beginning in early April of this year, SB360 has partnered with Fred’s management, market leaders, and store teams to conduct Store Closing Sales. The most recent group of 49 Fred’s stores will wrap up sales in the next few weeks.
Aaron Miller, Executive Vice President of SB360, said, “Fred’s stores are well-known local community stores. Loyal Fred’s shoppers know these stores carry all of the everyday essentials they need. They quickly clear the shelves when they see the Store Closing discounts offered off Fred’s already low prices.”
“With in-season summer goods, plus many items that are on Back-to-School checklists, Fred’s shoppers will find tremendous savings,” said Ziggy Schaffer, Executive Vice President of SB360. “Shoppers will find Back-to-School supplies, apparel, bedding and small appliances for college dorms, plus so much more, all at Store Closing discounts.”
The 129 Fred’s locations holding new sales have plenty of summer seasonal goods for backyard grilling, patio seating, outdoor fun for the kids, and summer necessities like fans and window A/C units.
“Nothing lasts long in these stores,” concurred Mr. Miller and Mr. Schaffer. “Word spreads quickly in many of these communities, and Fred’s shoppers come in early for the best selection. They know if they don’t buy early, what they want won’t be there.”
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.