Discount chains feeling the heat
CNN reported that discount chain Fred's will close 104 more stores by the end of June, in addition to the 159 stores it said in April it would shut. Between the two waves of closures, Fred's is reducing its store count by nearly half. Once completed, Fred's will have roughly 300 stores left. Earlier this year it had 557 stores, primarily across the southeastern United States. The 72-year-old company, which sells items like food and household cleaning supplies, is struggling to find a working strategy, which includes trying to get out of the pharmacy business. Given the struggles of similar retailers down under, it looks to us like people are their losing appetite for buying obnoxicals (trinkets).