SB360 RETAINED BY FRED’S INC. TO CONDUCT ADDITIONAL STORE CLOSING SALES AT 104 FRED’S STORES
BOSTON, Massachusetts – May 16, 2019 – SB360 Capital Partners (www.sb360.com), one of North America’s leading asset disposition specialists, has once again been retained by Fred’s Inc. as the exclusive consultant to conduct “Store Closing” Sales in 104 additional stores. SB360 was initially retained by Fred’s in April to conduct Store Closing Sales in 159 locations. Those stores have entered their final days and will wrap up business over the next week to 10 days.
Fred’s was founded in 1947 and serves small communities throughout the southeastern United States. 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.
Aaron Miller, Executive Vice President of SB360, said, “Fred’s is a value retailer selling everyday necessities, and their customers recognize the significant additional savings offered during these events. We saw the response in April during the initial round of closings, and the first week cleared a lot of product. Customers saw if they didn’t buy it quickly, what they wanted wasn’t there when they returned.”
SB360 planned well for the initial round of closings. “We predicted Fred’s customers would be filling up their carts from day one, and we were correct,” said Ziggy Schaffer, Executive Vice President of SB360. “Word spreads quickly in the many smaller communities Fred’s serves. When shoppers come into a store and see the liquidation discounts off Fred’s everyday value prices, they buy in bulk.”
Mr. Miller and Mr. Schaffer concurred. “These Sales won’t last long. Quantities are limited and the first few days will put a significant dent in inventory levels. We encourage shoppers to come in early for the 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.