The company didn't publicly identify the stores that would close by the end of 2014.
Fred's operates more than 700 stores in the Southeast and employs about 950 people in
The closings are part of the discount chain's strategy of ramping up a new store model that focuses on pharmacy and convenience items.
They were announced Thursday as Fred's reported a net loss of
Company officials also announced other key operational changes designed to improve returns, including inventory changes, expanded product sourcing capabilities for general merchandise and a transition to a new pharmacy prime vendor agreement with
Chief executive officer
"Although we were disappointed in second quarter financial results, there were several key wins in the quarter," Efird said. "We saw improvement in general merchandise sales and customer from our new marketing program, which indicates positive traction for the future."
The company posted net sales of
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