Fred's files bankruptcy, begins 'orderly wind-down of operations'
Fred’s Inc. is calling it quits. After multiple years of a downward dive, the company announced today, Sept. 9, that it has filed for voluntary relief under Chapter 11 of the Bankruptcy Code. According to a release, the company has also filed a motion “seeking interim and final approval of the U.S. Bankruptcy Court to enter into a proposed debtor-in-possession (DIP) financing agreement with certain of the company’s existing lenders, which would provide for up to $35 million in new funding.” The release goes on to state that Fred’s is committed to an “orderly wind-down of its operations.” Liquidation sales at all remaining stores have started and all locations are expected to close within the next 60 days.
Fred's files bankruptcy, begins 'orderly wind-down of operations'
Fred’s Inc. is calling it quits. After multiple years of a downward dive, the company announced today, Sept. 9, that it has filed for voluntary relief under Chapter 11 of the Bankruptcy Code. According to a release, the company has also filed a motion “seeking interim and final approval of the U.S. Bankruptcy Court to enter into a proposed debtor-in-possession (DIP) financing agreement with certain of the company’s existing lenders, which would provide for up to $35 million in new funding.” The release goes on to state that Fred’s is committed to an “orderly wind-down of its operations.” Liquidation sales at all remaining stores have started and all locations are expected to close within the next 60 days.