MEMPHIS, Tenn. — Fred’s Inc. confirmed Wednesday that the company is cutting dozens of jobs just before Thanksgiving.
Fred’s store representatives say their hearts go out to those impacted but the choice will make the company stronger.
They the job cuts are necessary for growth. The company has struggled in recent years to maintain in a changing industry but now is trying to revamp and compete.
The Memphis-based discount store has parted ways with at least 90 of its nearly 9,000 employees across 13 states.
Fred’s says the decision to lay off and cut back was “a difficult decision made after careful thought and consideration.”
Fred’s wouldn’t say whether the company is finished laying off people — only that fewer than 100 employees have been let go so far.
Some former employees say they have spent their entire life working and building with the company only to have their livelihood snatched away without notice.
The company says its plan to help them through the transition by offering job placement. Many employees have received a severance package.