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Fred's Inc.
Company typePublic
Nasdaq: FRED (Class A)
IndustryDiscount store
Founded1947; 77 years ago (1947)
Coldwater, Mississippi, U.S.[1]
Headquarters
Memphis, Tennessee, U.S.
Number of locations
628 stores (January 28, 2017 (2017-01-28)[1])
Areas served
Southeastern United States
Key people
Heath Freeman (Chairman)[2]
Michael Bloom (CEO)[2]
Jerry Shore (Oct 2014 – Aug 2016)[2]
ProductsGarden Supplies, Snacks, Toys, Books, Food, Housewares, Videos, DVDs, Music
BrandsVarious
RevenueDecreaseUS$ 2.125 billion (2016)[1]
DecreaseUS$ -74.7 million (2016)[1]
DecreaseUS$ -66.53 million (2016)[1]
Total assetsDecreaseUS$ 699.41 million (2016)[1]
Total equityDecreaseUS$ 337.2 million (2016)[1]
Number of employees
7,324 (2016)
DivisionsEntrustRx[1]
SubsidiariesGetwell Drug & Dollar
Yazoo Trading Company[1]
Websitefredsinc.com
Fred's Super Dollar store in Lowndes County, Georgia

Fred’s Inc. (stylized fred's) and subsidiaries operate in 15 states in the southeastern United States with 304 full-service pharmacy departments located within Fred’s stores, including four franchised locations. Additionally, Fred’s Inc. has 57 Xpress pharmacy locations, three specialty pharmacy locations and more than 650 discount general merchandise stores chain-wide. Fred's stocks more than 12,000 frequently purchased items addressing the daily needs of its customers.

History

This logo was used by Fred's until 2007, however, it still appears on store signs and on some of Fred's private label items.

The first Fred's store opened in Coldwater, Mississippi in 1947. In 1953, Fred's moved its corporate headquarters to Memphis, Tennessee.

Fred's primarily competes against national, deep-discount chains Dollar General, Family Dollar, and Dollar Tree, and against independently owned stores. In the past few years, it and other deep-discount retailers have taken some market share away from major discount chains like Walmart, as well. Most locations are in towns with populations of 15,000 or less.

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

Fred’s Inc. owns and operates two additional chains, Getwell Drug & Dollar and Yazoo Trading Company.

Getwell Drug & Dollar is a pharmacy destination that also offers over-the-counter medication and individualized patient care. Locations across Alabama, Tennessee, Georgia and Mississippi also feature more than 1,700 one-dollar items.

Yazoo Trading Company offers hardware, auto, and pet and animal supplies. Five locations across Alabama, Tennessee and Georgia also provide 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.[3]

On December 21, 2016, it was announced that Fred's would acquire 865 stores as a result of the Walgreens/Rite Aid merger expected to close in 2017 for the price of $950 Million USD. The acquisition would have more than doubled the number of stores Fred's currently operates.[4] However, on June 29, 2017, Walgreens withdrew plans to acquire Rite Aid and instead opted to buy out half of their stores, a move which nullified Fred's planned acquisition of the Rite Aid stores. [5] Fred's received $25 million as compensation for expenses of the now-terminated merger deal.[6]

Philanthropy

Fred's currently donates either through corporate donation or voluntary in-store requests to several national charities.[7]

  • 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 teams have raised more than $187,404.[8]
  • Children's Miracle Network Hospitals – stores have helped raise more than $5.5 million to benefit the Children's Miracle Network Hospitals. Shoppers are able to purchase a Miracle Balloon at any Fred’s location. All the proceeds from the sale of the paper balloons will benefit 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.[9][10]
  • "Hero Hats" – As a memorial to victims of the September 11 attacks, stores run an annual fundraiser, donating the proceeds to local emergency services programs.[11][12] Profits of sales on September 11 each year are also donated to the program.[13]
  • The "Panda Pals" Program – the campaign is 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 donate during the annual event.[14] Since it began in 2003, the Panda Pal program has contributed more than $750,000 to the Memphis Zoo.[15]
  • United Way of America – employees have participated in fundraising since 1999 and have donated more than $500,000 since 2005.[16]

References

  1. ^ a b c d e f g h i "Fred's December Total Sales". BusinessWire. Retrieved 19 January 2016.
  2. ^ a b c "Management". Fred's Investor Relations. Retrieved 11 January 2015.
  3. ^ "Fred's closing 75 stores". Birmingham Business Journal. American City Business Journals. 8 February 2008. Retrieved 11 January 2015.
  4. ^ "Fred's Acquiring 865 stores". wsj.com. The Wall Street Journal. 21 December 2016.
  5. ^ "Walgreens abandons Rite Aid bid, will instead buy nearly half of stores". Retrieved 6 November 2017.
  6. ^ Schencker, Lisa. "Walgreens scraps Rite Aid bid, will buy 2,000+ stores instead in $5.2 billion deal". Retrieved 6 November 2017.
  7. ^ "Community Board". Fred's Community Relations. Retrieved 11 January 2015.
  8. ^ "Community – American Cancer Society". Fred's Community Relations. Retrieved 11 January 2015.
  9. ^ Lewis, Amanda (9 May 2012). "Fred's customers raise $637K for children's cause". The Commercial Appeal – Memphis. Scripps Interactive Newspapers Group. Retrieved 11 January 2015.
  10. ^ "Community – Children's Miracle Network Hospitals". Fred's Community Relations. Retrieved 11 January 2015.
  11. ^ Underwood, John (6 September 2011). "Fred's Super Dollar 'Hero Hats' program benefits first responders". GulfCoastNewsToday.com. Retrieved 11 January 2015.
  12. ^ "Fred's Super Dollar Fundraiser Benefits Piggott Departments". Clay County Times-Democrat. 13 December 2012. Retrieved 11 January 2015.
  13. ^ "Community – Hero's Hats". Fred's Community Relatios. Retrieved 11 January 2015.
  14. ^ "Fred's Super Dollar 'Panda Pal' Campaign Offers Discount Coupon, Rewards Supporters of Memphis Zoo". LampLighter. 15 July 2014. Retrieved 11 January 2015.
  15. ^ "Community – Memphis Zoo". Fred's Community Relations. Retrieved 11 January 2015.
  16. ^ "Community – United Way". Fred's Community Relations. Retrieved 11 January 2015.
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