Fred’s announced its Chapter 11 bankruptcy filing Sept. 9. and said it plans to close all of its stores and wind down operations over the next two months. It will soon begin liquidation sales at all locations.
“Despite our team’s best efforts, we were not able to avoid this outcome,” Fred’s CEO Joe Anto said in a news release.
The company said it plans to continue filling prescriptions at most of its locations while it looks for a buyer for its pharmacies.
The news that Fred’s will sell its remaining pharmacy assets could benefit CVS Health, Walgreens and other retail chains, according to Forbes.
While Fred’s didn’t disclose how many of its pharmacies are for sale, drugstore bankruptcies often involve selling stores as well as prescription files, which boost the number of patients retail chains can service, Forbes reported.
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