BY RAY VAN COR
The Greenville Standard
Fred’s of Greenville and owner’s Randy and Cindy Beeson have been an iconic institution here since New Year’s Eve 1987.
Like many other icons in business such as Sears and Bargain Town, especially in this economic climate, are going the way of the Dodo. The retail franchise will close its doors July 31.
Alden Global Capital purchased 25% of Fred’s stock three years ago and anticipated purchasing part of another retail chain. When the acquisition failed it caused stock prices to drop considerably.
Alden acquired more stock and positions on the Board. However, with ever increasing competition and this economic climate Alden has begun closing stores and liquidating.
Of Fred’s stores 644 stores, 312 are to be closed and liquidated this year. The last 10 franchises will be closed by July 31.
Fred’s in Greenville has always been successful all these years in part to Randy and Cindy Beeson and their incredible staff. Service was fast and courteous and as always Randy would carry on with customers which endeared him to Greenville. We at The Standard wish them all God Speed they will be sorely missed.