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| Type | Public (NASDAQ: FRED) |
|---|---|
| Founded | Coldwater, Mississippi (1947) |
| Headquarters | Memphis, Tennessee, United States |
| Number of locations | 639 stores and 284 pharmacies (2009)[1] |
| Area served | Southeast United States |
| Key people | Bruce Efird CEO |
| Industry | Discount, Variety store |
| Products | Pharmacy, Garden Supplies, Snacks, Toys, Books, Food, Housewares, Videos, DVDs, Music |
| Revenue | ▲$1.79 billion (2009) |
| Operating income | ▲$26.31 million (2009) |
| Net income | ▲$16.64 million (2009) |
| Employees | 9,979[1] |
| Website | http://www.fredsinc.com/ |
Fred's, Inc. (NASDAQ: FRED) is a regional chain of variety stores primarily in the Southeast and Midwest United States. It opened in 1947 and operates approximately 639 stores and 300 pharmacies in 15 states. It is headquartered in Memphis, Tennessee.[1]
History
The first Fred's store opened in Coldwater, Mississippi in 1947.
In 1953, Fred's moved its corporate headquarters to Memphis, Tennessee.
Fred's competes primarily with national chains Dollar General, Family Dollar, and Dollar Tree, as well as with independently-owned stores. The majority of its stores are located in towns with populations of 15,000 or less and primarily located in the southeastern United States.
Fred's has attempted to differentiate itself from the other discount store chains by:
- Operating a full-line pharmacy in approximately 1/3 of its stores
- Operating a seasonal lawn and garden department
- Selling tobacco products
As of the second quarter 2007[update] (10-Q), Fred's operated 701 stores (of which 24 are franchises; the company states on its website that it does not intend to add any more franchised stores) in 15 states. Of those, 294 contain a full-line pharmacy.[2]
In 2008, Fred's decided to close over 50 lower performing stores due to rising fuel cost and economical issues. Several stores in North Carolina closed leaving over a dozen stores in the state.
References
External links
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