Discount retail and pharmacy chain Fred's Inc. is filing for bankruptcy and closing its stores, including its Bamberg store, over the next two months.
The Memphis, Tennessee-based company said in a statement Monday that it has filed for chapter 11 bankruptcy and has begun liquidation sales at all of its retail locations.
The company said it expects to continue fulfilling prescriptions at most of its pharmacy locations while pursuing the sale of its pharmacies. The Bamberg location does not have a pharmacy.
Fred's has filed a motion with U.S. Bankruptcy Court seeking up to $35 million for a financing agreement with certain lenders. Chief Executive Officer Joe Anto said despite the company's best efforts, "we were not able to avoid this outcome."
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Fred's started in 1947. Fred's said in April it was closing more than 280 underperforming stores in 13 states, including the Orangeburg store. It has nine remaining stores in South Carolina.
The Fred’s corporate office could not be reached for additional information on Monday afternoon.
A clothing department store located across Main Highway (U.S. 301) from Fred's, Goody's, announced in March that it will close in November.