Fred’s shares surge more than 80 percent after announcing $165 million deal to sell some pharmacy files to Walgreens

Fred’s shares surge more than 80 percent after announcing $165 million deal to sell some pharmacy files to Walgreens

Walgreens will purchase files and related pharmacy inventory of 185 Fred’s stores across 10 Southeast states. Walgreens will pay Fred’s $165 million, subject to adjustment, plus an amount equal to the value of related pharmacy inventory. Once that is complete, Fred’s will continue to operate about 162 pharmacies across nearly 600 stores. Shares of Fred’s surged 82 percent Monday after it announced it will sell some pharmacy files to Walgreens for at least $165 million….

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