Fred’s is closing these 104 additional stores, with liquidation sales starting today

Fred’s Inc. said Thursday it will close another 104 stores by the end of June, with liquidation sales beginning immediately, as the discount retailer continues its restructuring efforts.

The new closures, in 13 states in the Southeast (see the list below), comes a month after the Memphis-based company said it was closing 159 “underperforming and unprofitable stores” by the end of May, leaving 398 stores open at that time.

“These additional store closures are a difficult, but necessary step in the continued restructuring of Fred’s,” said Chief Executive Joseph Anto.

The stock FRED, -3.28%  , which has closed below the $1 threshold since May 6, plummeted 22% in afternoon trade Thursday toward the first-ever sub-50 cent close. It has plunged 74% over the past 12 months, while the SPDR S&P Retail exchange-trade fund XRT, -0.72% has lost 8.1% and the S&P 500 index SPX, -0.58%  has gained 5.9%.

Fred’s said the decision of which stores to close was made after evaluating historical and recent store performance and the timing of lease expirations, among other factors.

Separately, Fred’s disclosed that it has entered into a forbearance agreement with its lenders under its revolving credit facility.

Here are the addresses of the 104 stores being closed:

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