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 641 company-owned stores, including 62 express stores in fifteen states in the south-eastern United States. In addition to the company-owned stores, there were 19 franchised stores operating under the Company's name. Its stores generally serve low, middle and fixed income families located in small- to medium- sized towns. There were 370 full service pharmacies, which are included in the company-owned and express stores. In addition to the full service pharmacies, the Company has a specialty pharmacy facility, EIRIS Health Services. 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.