Michael K. Bloom is out as the chief executive officer of Fred’s Inc. after less than two years in the top job and a failed attempt to buy hundreds of Rite Aids. But Fred’s was unable to escalate its shift to healthcare when a deal to buy hundreds of Rite Aids stores ended abruptly last year. An attempt by Walgreens Boots Alliance to buy Rite Aid and satisfy the Federal Trade Commission by selling 865 Rite Aid stores to Fred’s was unable to pass regulatory muster. Bloom came to Fred's with "significant experience with retail drugstores," Fred's chairman of the board Heath Freeman said. Fred’s said it now “operates approximately 600 general merchandise and pharmacy stores, including 13 franchised locations, and three specialty pharmacy-only locations.”

Source: Forbes April 28, 2018 00:19 UTC