Fred’s discount chain to close all its stores, files for bankruptcy

The discount retail chain filed for bankruptcy Monday. There are only about 300 Fred's locations still open. (Source: WALB/Gray News)

(CNN) - After 72 years in business, Fred’s is closing down.

The discount retail chain filed for bankruptcy Monday.

There are only about 300 Fred's locations still open.

Liquidation sales will last for the next two months at remaining stores in Alabama, Georgia, Illinois, Florida and Texas.

The company will seek about $35 million in funding through bankruptcy court to help it shut down operations.

Fred's has been losing money since 2015 and already shut down more than 200 stores earlier this year.

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