Small-box discounter Fred's Inc. has engaged investment bankers to explore strategic options to enhance shareholder value, including a potential sale.
The Memphis, Tenn.-based retailer, headed by former Meijer Inc. and Food Lion executive Bruce Efird, made the announcement following disclosure of disappointing holiday season sales and news that its EVP and general merchandise manager, Alan Crockett, had resigned. Efird, Fred's CEO, will assume Crockett's responsibility for managing merchandising and marketing, in addition to overseeing pharmacy, the company said.
Fred's operates 701 general merchandise stores in the Southeast, including 320 with pharmacies. Its stores, located primarily in small towns, target lower-income shoppers and average 15,000 square feet.
Read more: Efird to take over CEO role at Fred's
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