Fred’s closing St. Martinville, Franklin stores

Published 12:00 am Tuesday, April 16, 2019

Fred’s Inc announced this week that the company will be closing 159 stores across the country, including two in the Teche Area.

“Fred’s decision to close underperforming stores follows a comprehensive evaluation of the company’s store  portfolio, including historical and recent store performance and the timing of lease expirations, among other factors,” according to a prepared statement.

The closing process will begin this week, with all targeted stores expected to be fully closed by May of this year.

“After a careful review, we have made the decision to  rationalize our footprint by closing underperforming stores, with a particular focus on locations with shorter duration leases,” Fred’s Chief Executive Officer Joseph Anto said.

“Most of these stores have near‐term lease expirations and limited remaining lease  obligations.  Decisions that impact our associates in this way are difficult, but the steps we are announcing  are necessary.  We will make every effort to transition impacted associates to other stores where possible.”

A Fred’s in St. Martinville, located on South Main Street, as well as a Fred’s store located in Franklin on West Main Street are both on the list of stores announced for closure. Two other nearby Fred’s stores, in Lafayette and Carencro, also will be closed.

Fourteen Louisiana stores total are a part of the closure.

The company also announced the retention of PJ Solomon to  evaluate strategic alternatives to maximize value for all shareholders. The review will include a thorough evaluation of the Company’s current operating  plan, as well as all other potential alternatives to maximize value.