Fred’s marks $19.71 million operating loss for Nov. 3 through Nov. 30

By Caroline Salls

Pittsburgh, Jan. 10 – Fred’s, Inc. reported a $19.71 million operating loss for the period of Nov. 3 through Nov. 30 on $749,000 in net sales, according to its monthly operating report filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

In comparison, Fred’s posted a $27.38 million operating loss for the period of Oct. 6 through Nov. 2 on $22.54 million in net sales.

Net income for the November period was $16.66 million, improving from a $27.39 million net loss for the previous period.

The November net income included a $36.38 million gain from the disposition of assets/liabilities.

In addition, Fred’s had $24.05 million in cash and cash equivalents as of Nov. 30, up from $3.88 million at Nov. 2.

Fred’s is a Memphis, Tenn.-based operator of discount general merchandise stores and specialty pharmacy-only locations. The company filed bankruptcy on Sept. 9 under Chapter 11 case number 19-11984.

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