NEW YORK (TheStreet) -- Shares of Fred's Inc. (FRED) are declining this morning, down -2.76% to $14.62, after the discount retailer announced its plan to close 60 of its stores without pharmacies by the end of the year to free up capital to accelerate its pharmacy acquisitions.
Memphis-based Fred's said it would close more than 8.5% of its total of 704 stores after it reported a net loss in the second quarter of -$16.4 million in its yesterday.
The company said it is shifting to a business model that puts a heavier emphasis on its stores' pharmacy and convenience segments.
- You can view the full analysis from the report here: FRED Ratings Report
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