Fred's

Image:OldFred'sLogo.jpg

Brothers Paul, Victor, and Charles Baddour opened a dry-goods store named Good Luck in Coldwater, Mississippi, in 1947. Paul later incorporated the company as Baddour, Inc. As the chain expanded throughout the Southeast, he began naming the stores Fred's Dollar Stores after his older brother, Fred. In 1953, Fred's moved its corporate headquarters to Memphis, Tennessee.

Fred's primarily competed against national, deep-discount chains Dollar General, Family Dollar, and Dollar Tree, and against independently owned stores. Most locations were in towns with populations of 15,000 or less.

The company has had two distribution centers: one in Memphis, another in Dublin, Georgia.

Fred's Inc. had owned and operated two smaller additional chains, Getwell Drug & Dollar and Yazoo Trading Company.

Getwell Drug & Dollar was a pharmacy that also offers over-the-counter medication and individualized patient care, the name being a play on the location of the Fred's, Inc. home office on Getwell Road in Memphis. Locations were across Alabama, Tennessee, Georgia and Mississippi also featured more than 1,700 one-dollar items.

Yazoo Trading Company offered hardware, auto, and pet and animal supplies. Five locations were across Alabama, Tennessee and Georgia and also provided basic home project needs.

In 2008, Fred's decided to close over 50 under-performing stores due to rising fuel costs and other economic issues. For example, several North Carolina locations were closed, leaving over a dozen stores in that state.{{cite news|title=Fred's closing 75 stores|url=http://www.bizjournals.com/birmingham/stories/2008/02/04/daily37.html|accessdate=11 January 2015|work=Birmingham Business Journal|publisher=American City Business Journals|date=8 February 2008}}

On December 21, 2016, it was announced that Fred's would acquire 865 stores as a result of the Walgreens Boots Alliance/Rite Aid merger expected to close in 2017 for the price of US$950 Million. The acquisition would have more than doubled the number of stores Fred's operated.{{cite news|title=Fred's Acquiring 865 stores|url=https://www.wsj.com/articles/walgreens-rite-aid-to-sell-stores-to-freds-for-merger-approval-1482248465|work=wsj.com|publisher=The Wall Street Journal|date=21 December 2016}} However, on June 29, 2017, WBA withdrew plans to acquire Rite Aid and instead opted to buy about half of their stores, a move which nullified Fred's planned acquisition of the Rite Aid stores.{{cite web|url=https://www.usatoday.com/story/money/2017/06/29/walgreens-rite-aid/438450001/|title=Walgreens abandons Rite Aid bid, will instead buy nearly half of stores|website=USA Today |publisher=|accessdate=6 November 2017}} Fred's received $25 million as compensation for expenses of the now-terminated merger deal.{{cite web|url=http://www.chicagotribune.com/business/ct-walgreens-rite-aid-deal-20170629-story.html|title=Walgreens scraps Rite Aid bid, will buy 2,000+ stores instead in $5.2 billion deal|first=Lisa|last=Schencker|website=Chicago Tribune |date=29 June 2017 |publisher=|accessdate=6 November 2017}}

In February 2017 Chief Executive Officer Jerry A. Shore retired and was replaced by Michael Bloom, former CEO of Family Dollar, where he resigned after the company was unhappy with financial results.{{cite web|url=https://www.businesswire.com/news/home/20160829005950/en/Michael-Bloom-Named-CEO-Jerry-Shore-Sets|last=|first=|date=Aug 29, 2016|title=Michael Bloom Named CEO as Jerry Shore Sets Retirement Date|work=Business Wire|accessdate=April 8, 2019}}{{cite web|url=https://www.bizjournals.com/charlotte/news/2014/01/09/family-dollars-undercover-boss-mike-bloom-exits.html|last=|first=|date=Jan 19, 2014|title=Family Dollar's 'Undercover Boss' Mike Bloom exits the company|accessdate=May 13, 2020}}

During early 2019, deteriorating performance prompted Fred's to plan to close the vast majority of the stores, shrinking their number from 568 (as of February 2){{cite news |last1=Bomey |first1=Nathan |title=Fred's to close another 129 stores as future looks grim: see the store closure list |url=https://www.usatoday.com/story/money/2019/07/12/freds-store-closure-list/1712460001/ |accessdate=July 23, 2019 |work=USA Today |date=July 12, 2019}} to just 80 – an over 85% decline – in four waves:

• April 11, 159 stores were slated to be liquidated and closed by the end of May due to declining sales and timing of lease expirations at the affected locations;
• May 16, 104 stores by the end of June;{{cite news |last1=Tyko |first1=Kelly |title=Fred's closing 104 more stores in summer, see the list |url=https://www.usatoday.com/story/money/2019/05/16/freds-store-closings-2019-retailer-closing-104-more-stores/3672457002/ |accessdate=May 18, 2019 |work=USA Today |date=May 16, 2019}}
• June 21, 49 stores by the end of the summer;{{cite news |last1=Tyko |first1=Kelly |title=Fred's closing another 49 stores this summer, see the list |url=https://www.usatoday.com/story/money/2019/06/21/freds-store-closings-list-discount-chain-close-another-49-stores/1515442001/ |accessdate=June 27, 2019 |work=USA Today |date=June 21, 2019}}
• July 12, 129 stores

However, rather than continuing efforts to remain in business on a greatly reduced scale, the company announced on September 9, 2019 that it was filing for Chapter 11 bankruptcy and ending operations.{{Cite web|url=https://www.streetinsider.com/Corporate+News/Freds+(FRED)+Announces+Chapter+11+Bankruptcy+Filing/15894681.html|title=Fred's (FRED) Announces Chapter 11 Bankruptcy Filing|accessdate=September 9, 2019|website=streetinsider.com}} It was delisted from NASDAQ on September 18, 2019, and became listed on the OTC Markets Group.{{Cite web|last=Nichols|first=Meagan|date=September 16, 2019|title=Fred's to be delisted; trading will cease Wednesday|url=https://www.bizjournals.com/memphis/news/2019/09/16/freds-to-be-delisted-trading-will-cease-wednesday.html|archive-url=|archive-date=|access-date=|website=Memphis Business Journal}} According to the terms of the bankruptcy filing, all stores were required to cease operations by October 30, 2019.Martin, Natalie (September 16, 2019) [https://dailymemphian.com/article/7482/Freds-stock-to-be-delisted-starting-Wednesday Fred's stock to be delisted starting Wednesday] Daily Memphian. Retrieved September 20, 2019.

Fred's had donated either through corporate donation or voluntary in-store requests to several national charities.{{cite web|title=Community Board|url=http://corp.fredsinc.com/community.php|website=Fred's Community Relations|accessdate=11 January 2015|archive-url=https://web.archive.org/web/20141229030224/http://corp.fredsinc.com/community.php|archive-date=29 December 2014|url-status=dead}}

• American Cancer Society – employees have donated their time and financial support for the American Cancer Society through their involvement in "Making Strides" events. Since becoming involved in the annual walk in 2004, the Fred's team raised more than $187,404.{{cite web|title=Community – American Cancer Society|url=http://corp.fredsinc.com/community-spotlight-american-cancer-society.php|website=Fred's Community Relations|accessdate=11 January 2015|archive-url=https://web.archive.org/web/20141227002718/http://corp.fredsinc.com/community-spotlight-american-cancer-society.php|archive-date=27 December 2014|url-status=dead}}
• Children's Miracle Network Hospitals – stores helped raise more than $5.5 million to benefit the Children's Miracle Network Hospitals. Shoppers were able to purchase a Miracle Balloon at any Fred's location. All the proceeds from the sale of the paper balloons benefited the Children's Miracle Network Hospital in the community where the Miracle Balloon was purchased. With each donation, customers receive a coupon for $1 off two bags of Mars Candy. The 2013 campaign set a record with a total of $746,286 raised, which was a 16.9 percent increase over the 2012 campaign total.{{cite news|last1=Lewis|first1=Amanda|title=Fred's customers raise $637K for children's cause|url=http://www.commercialappeal.com/news/local-news/business-freds-customers-raise-637k-for-cause|accessdate=11 January 2015|work=The Commercial Appeal – Memphis|agency=Scripps Interactive Newspapers Group|date=9 May 2012}}{{cite web|title=Community – Children's Miracle Network Hospitals|url=http://corp.fredsinc.com/community-spotlight-childrens-miracle.php|website=Fred's Community Relations|accessdate=11 January 2015|archive-url=https://web.archive.org/web/20141228060230/http://corp.fredsinc.com/community-spotlight-childrens-miracle.php|archive-date=28 December 2014|url-status=dead}}
• "Hero Hats" – As a memorial to victims of the September 11 attacks, stores ran an annual fundraiser, donating the proceeds to local emergency services programs.{{cite news|last1=Underwood|first1=John|title=Fred's Super Dollar 'Hero Hats' program benefits first responders|url=http://www.gulfcoastnewstoday.com/article_aa411dc1-88a8-5252-be78-0103e152d989.html|archive-url=https://archive.today/20150115124214/http://www.gulfcoastnewstoday.com/article_aa411dc1-88a8-5252-be78-0103e152d989.html|url-status=dead|archive-date=15 January 2015|accessdate=11 January 2015|work=GulfCoastNewsToday.com|date=6 September 2011}}{{cite news|title=Fred's Super Dollar Fundraiser Benefits Piggott Departments|url=http://www.cctimesdemocrat.com/story/1922336.html|accessdate=11 January 2015|work=Clay County Times-Democrat|date=13 December 2012|archive-date=2 April 2015|archive-url=https://web.archive.org/web/20150402110549/http://www.cctimesdemocrat.com/story/1922336.html|url-status=dead}} Profits of sales on September 11 each year were also donated to the program.{{cite web|title=Community – Hero's Hats|url=http://corp.fredsinc.com/community-spotlight-hero-hats.php|website=Fred's Community Relatios|accessdate=11 January 2015|archive-url=https://web.archive.org/web/20141228043614/http://corp.fredsinc.com/community-spotlight-hero-hats.php|archive-date=28 December 2014|url-status=dead}}
• The "Panda Pals" Program – the campaign was designed to benefit animal care, conservation and research at the Memphis Zoo. Customers at the 182 Fred's stores located in a 200-mile radius of the zoo generously donated during the annual event.{{cite web|title=Fred's Super Dollar 'Panda Pal' Campaign Offers Discount Coupon, Rewards Supporters of Memphis Zoo|url=http://lamplighter.cooperyoung.org/2014/07/15/freds-super-dollar-panda-pal-campaign-offers-discount-coupon-rewards-supporters-of-memphis-zoo/|website=LampLighter|accessdate=11 January 2015|date=15 July 2014|archive-date=5 March 2016|archive-url=https://web.archive.org/web/20160305002438/http://lamplighter.cooperyoung.org/2014/07/15/freds-super-dollar-panda-pal-campaign-offers-discount-coupon-rewards-supporters-of-memphis-zoo/|url-status=dead}} Since it began in 2003, the Panda Pal program has contributed more than $750,000 to the Memphis Zoo.{{cite web|title=Community – Memphis Zoo|url=http://corp.fredsinc.com/community-spotlight-memphis-zoo.php|website=Fred's Community Relations|accessdate=11 January 2015|archive-url=https://web.archive.org/web/20141226234255/http://corp.fredsinc.com/community-spotlight-memphis-zoo.php|archive-date=26 December 2014|url-status=dead}}
• File:Freds, Arlington.png, with the former logo used prior 2007, seen in April 2019. Closed in 2019.]]United Way of America – employees participated in fundraising since 1999 and have donated more than $500,000 since 2005.{{cite web|title=Community – United Way|url=http://corp.fredsinc.com/community-spotlight-united-way.php|website=Fred's Community Relations|accessdate=11 January 2015|archive-url=https://web.archive.org/web/20141228080736/http://corp.fredsinc.com/community-spotlight-united-way.php|archive-date=28 December 2014|url-status=dead}}

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Category:1947 establishments in Mississippi

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Category:Companies based in Memphis, Tennessee

Category:American companies established in 1947

Category:Retail companies established in 1947

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Category:Defunct discount stores of the United States

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Category:Companies traded over-the-counter in the United States

Category:Companies that filed for Chapter 11 bankruptcy in 2019