FROM STAFF REPORTS
A popular East Texas store is set to close its doors soon after its parent company is shutting down stores nationwide.
Fred’s announced recently it would be closing 159 under-performing stores by the end of May with “going out of business” sales starting Thursday as it looks to reduce its store footprint and “evaluate strategic alternatives,” according to USA Today.
The Hallsville location is currently hosting store wide sales to clear out inventory and is set to close its doors at the end of June.
The Memphis-based company said in a statement that it retained investment banking advisory firm PJ Solomon to assess its options “to maximize value” and hired liquidation firms Malfitano Advisors and SB360 Capital Partners “to help manage the process and ensure a seamless experience for customers.”
The closing stores represent nearly 29% of Fred’s 557 stores and are located in 13 states, with Mississippi, Alabama, Georgia and Tennessee losing the most stores.
Sales at Fred’s stores open at least a year fell 4.9% in the first nine months of 2018.
Payless ShoeSource announced earlier this year it would be closing its about 2,100 stores nationwide and in Puerto Rico. Liquidation sales began immediately and the company is even ending its online sales.
Payless ShoeSource closings mark the largest chain store closings of 2019 so far.
Locally, the stores in Marshall and Longview closed their doors this spring.