Fred's Inc was founded in 1947. The Company is engaged in the sale of general merchandise through its retail discount stores and full service pharmacies. The Company operates 683 company-owned stores, including 53 express stores in fifteen states primarily in the southeastern United States. In addition to the company-owned stores, there were 21 franchised stores operating under the Companys name. Its stores generally serve low, middle and fixed income families located in small- to medium- sized towns. There were 355 full service pharmacies, which are included in the company-owned and express stores. In addition to the full service pharmacies, it opened a specialty pharmacy facility, EIRIS Health Services, late in the third quarter of 2013. The Company has an 850,000 square foot distribution center in Memphis, Tennessee that services 400 stores and a 600,000 square foot distribution center in Dublin, Georgia that services 304 stores. The Company is subject to numerous federal securities laws and regulations, including the Securities Act of 1933 and the Securities Exchange Act of 1934, and related rules and regulations promulgated by the Securities and Exchange Commission, as well as the Sarbanes-Oxley Act of 2002 and the DoddFrank Wall Street Reform and Consumer Protection Act.