Another national chain is closing stores in Acadiana! Fred’s is closing close to 30% of it’s 557 stores due to declining sales.
According to reports, the stores closing in Acadiana are in Lafayette, Carencro, Franklin and St. Martinville. Stores in Eunice, Jennings, Church Point and Kinder will remain open.
Fred’s, a Memphis based company announced Thursday that it would close 159 underperforming 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.”
After the announcement, shares of Fred’s were down nearly 5.8% at $1.97 during midday Thursday trading.