‘Qualified parties’ interested in Fred’s Inc.
November 29, 2007,
Memphis, Tenn. -- Saying it “has received multiple inquiries from qualified parties,” neighborhood discounter Fred’s has retained Merrill Lynch to review strategic alternatives, the 708-store chain said during its third quarter earnings report today.
In connection with its strategic and financial review, Fred’s also said it was temporarily suspending its stock repurchase program. Fred’s shares zoomed up more than 10% by midday on news of the review.
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