One-time buyer for Rite Aid stores holding going out of business sale after filing for Chapter 11 in Delaware

0

Fred’s Inc., a discount retailer with pharmacy operations is holding going out of business sales after a bankruptcy filing in Delaware.

Store closing sales in all 81 remaining Fred’s locations.will be held. A total of 442 Fred’s locations have been closed since April.

Fred’s Inc. earlier filed a petition for Chapter 11 on Monday in the U.S. Bankruptcy Court for the District of Delaware.

The company was in the news when Walgreens acquired Rite Aid stores. A preliminary deal called for Fred’s to acquire Rite Aid stores in Delaware and other states where Walgreens could not add stores due to antitrust issues.

However, the deal fell through for financial reasons and Rite Aid remains in operation

Fred’s expects to continue fulfilling pharmacy prescriptions at most of its pharmacy locations, while it continues to pursue the sale of its pharmacies as part of the court supervised proceedings.

Fred’s was founded in 1947 and served small communities throughout the southeastern United States.

Facebook Comments