Asset disposition specialist SB360 Capital Partners has been retained by Fred’s Inc. as the exclusive consultant to conduct store closing sales in 104 additional stores.
SB360 was initially retained by Fred’s in April 2019 to conduct store closing sales in 159 locations. Those stores have entered their final days and will wrap up business over the next week to 10 days.
Fred’s was founded in 1947 and serves small communities throughout the southeastern United States. Fred’s offers value-priced products across categories that fulfill everyday needs – food, fresh goods, snacks, soda, toiletries, over-the-counter medications, household products, hardware, sporting goods, lawn & garden, toys, and much more. Aside from big-box competitors, Fred’s is frequently the dominant value retailer in the communities that it serves.
Aaron Miller, executive vice president of SB360, said, “Fred’s is a value retailer selling everyday necessities, and their customers recognize the significant additional savings offered during these events. We saw the response in April during the initial round of closings, and the first week cleared a lot of product. Customers saw if they didn’t buy it quickly, what they wanted wasn’t there when they returned.”
SB360 planned well for the initial round of closings.
“We predicted Fred’s customers would be filling up their carts from day one, and we were correct,” said Ziggy Schaffer, executive vice president of SB360. “Word spreads quickly in the many smaller communities Fred’s serves. When shoppers come into a store and see the liquidation discounts off Fred’s everyday value prices, they buy in bulk.”