Fred's in Franklinton closing soon
The Fred’s store in the Riverside Shopping Center has been busy recently, as shoppers take advantage of “going-out-of-business” bargains.
The store expects to close for good around the end of October.
At the beginning of this year, the Fred’s chain had 580 stores. But round after round of closings occurred this year, and now there are only 80 stores left, including the one in Franklinton. Even with the reduced number of stores, Fred’s could not find a profitable way to stay in business, and the company declared bankruptcy.
In a release, Fred’s chief executive officer Joe Anto said, “Despite our team’s best efforts, we were not able to avoid this outcome. I want to thank all of our employees for their hard work and continued support of the company as we wind-down our operations.”
Steve Sylvest, speaking for the Sylvest family that owns Riverside Shopping Center, said a search is underway for a new tenant to fill the Fred’s space, which totals 30,000 square feet. He noted that previous tenants before Fred’s were Ben Franklin and then TG&Y.
“It’s a prime location and we expect to have a new tenant before long,” he said.