Discount retail and pharmacy chain Fred's reached deals with Walgreens Boots Alliance and ExpressRx to sell some of its pharmacy assets, according to The Wall Street Journal.
Walgreens is looking to buy Fred's pharmacy inventory for about $9.4 million and ExpressRx agreed to purchase10 Fred's pharmacies for about $7 million, a Sept. 26 bankruptcy court filing shows.
Under the deal, Walgreens plans to acquire all of Fred's pharmacy assets, including prescription files, records and prescription drug inventory.
ExpressRx intends to buy Fred's prescription files, records, inventory as well as other assets like furniture, according to the WSJ. It also plans to take over leases at four Fred's pharmacies.
Fred's filed for Chapter 11 bankruptcy on Sept. 9 and said it would shut down all of its stores.
A hearing on the proposed sales is scheduled for Oct. 16.
Read the full article here.
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