Inactive Instrument

Fred's, Inc. Nasdaq

US3561081007

FRED : COMPLETES SALE OF SPECIALTY PHARMACY UNIT MEMPHIS, Tenn. (June 4, 2018) –

June 04, 2018 at 04:53 pm EDT

MEMPHIS, Tenn. (June 4, 2018) - Fred's, Inc. (NASDAQ: FRED) has closed the previously announced sale of certain assets of EntrustRx, its specialty pharmacy unit, to a subsidiary of CVS Health Corporation. The aggregate consideration paid was $40.0 million, plus an amount equal to the value of inventory of EntrustRx.

Commenting on the sale, Fred's Interim CEO Joe Anto said: 'We are pleased to conclude the sale of EntrustRx, an important step in our plans to monetize non-core assets as part of our broader turnaround efforts. The cash proceeds will allow us to pay down a significant portion of our debt and also be used for general corporate purposes.'

Fred's was advised on this transaction by Covington Associates and by Bass Berry & Sims.

About Fred's Inc.
Tracing its history back to an original store in Coldwater, Mississippi, opened in 1947, today Fred's, Inc. operates approximately 600 general merchandise and pharmacy stores, including 12 franchised locations. With unique store formats and strategies that combine the best elements of a value-focused retailer with a healthcare-focused drug store, Fred's stores offer frequently purchased items that address the everyday needs of its customers. This includes nationally recognized brands, proprietary Fred's label products, and a full range of value-priced selections. For more information about the Company, visit Fred's website at www.fredsinc.com. FRED - EntrustRx Closing - FINAL

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Fred's Inc. published this content on 04 June 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 04 June 2018 20:52:02 UTC

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Company Profile

Fred's, Inc. (Fred's) is engaged in the sale of general merchandise through its retail discount stores and full-service pharmacies. The Company sells general merchandise to its over 11 franchisees. The Company has approximately 556 retail stores in over 15 states mainly in the Southeastern United States. The Company is licensed to dispense pharmaceuticals in approximately 14 states. Fred's general merchandise selection includes an array of staple and discretionary products from brand names and its private label. The Company's prescription drugs are ordered by its pharmacies individually and shipped directly from the Company's primary pharmaceutical wholesaler, Cardinal Health, Inc., to the pharmacies approximately five days a week. Fred's Brand products include health, beauty and personal care products, household cleaning supplies, disposable diapers, pet foods, paper products and a variety of general merchandise, food and beverage products.

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