Walgreens Assumes Operations of Fred's Pharmacies

Memphis-based discount retailer Fred’s has completed its multimillion-dollar deal with Walgreens, which will assume operations of pharmacies in 179 Fred’s stores, The Memphis Business Journal reports. Fred’s received $156.1 million in cash proceeds and an additional $20.6 million for its pharmacy inventory in the agreement, announced last September. According to a Jan. 24 filing with the SEC, “the company continues to use the proceeds received in the transaction to pay down the company’s existing indebtedness or for general corporate purposes.”

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