Longtime retail staple Fred’s says it will close its remaining stores in Southwest Mississippi, including the McComb location at 1618 Delaware Ave.
The announcement of more closures was the fourth such release by the company this year.
Company officials did not give a date for the store’s closure.
Reporting on the company’s moves this year has indicated the company is mired in debt and seeking a sustainable business model.
Since the company’s involvement in a merger deal with Walgreens and Rite Aid fell through due to antitrust concerns in 2017, the company has sought to sell off its pharmacy business and some of its valuable real estate, including its Memphis headquarters.
The company said some of the closed stores could be reopened in the future with “a new operating model, with an updated assortment.”
The company is working with liquidators Malfitano Advisors and SB360 Capital Partners in the store
“While it is never easy to make decisions that impact our valued employees and customers, this initiative represents another necessary step in our continued efforts to stabilize our business by simplifying our store portfolio and product assortment,” Fred’s CEO Joseph Anto said in a statement.
The latest round of closures affects 129 stores in 13 states.
In addition to the McComb store, Fred’s will close it’s Centreville store on Highway 24 and its Monticello location on Broad Street.
The company announced that one of its Brookhaven stores would be closed in April, and the other store was targeted in May.
Last month, stores in Tylertown, Woodville and Kentwood, La., were added to the closure list.
The company will be left with about 80 stores once the announced closures are completed. That’s a reduction from 585 stores at the start of the year.
Mississippi will be left with nine stores, with the furthest south being in Morton, a town along Interstate 20 in Scott County. Louisiana will have only three stores remaining, with one of those being its Franklinton location.
Fred’s stores will also remain open in Batesville, Booneville, Byhalia, Kosciusko, Nettleton, olive Branch, Pontotoc and Ripley.
Other closings on the latest list will be in Baldwyn, Bay Springs, Belzoni, Bruce, Canton, Carthage, Charleston, Clarksdale, Collins, Dekalb, Eupora, Flora, Fulton, Greenwood, Iuka, Jackson, Leakesville, Louisville, Marks, Mendenhall, Natchez, New Albany, Poplarville, Prentiss, Purvis, Saltillo, Southaven, Sumrall, Tunica, Water Valley and Winona.