$950M deal would put Fred's among largest pharmacy chains

MEMPHIS, TN (WMC) - It's a deal that would catapult Fred's into a sweet standing, sitting as one of the largest pharmacy chains in the United States. It will join the ranks of CVS, Kroger, and Walmart at being one of the largest places where an individual can pick up their medication.

Memphis-based Fred's is acquiring 865 new stores in a $950 million dollar deal with Walgreens and Rite Aid--employees at the Rite Aid stores purchased by Fred's are expected to keep their jobs.

Fred's is a major contributor to community organizations and projects. Fred's is an official Zoo Pals partner and has helped the Memphis Zoo with raising funds for many exhibits and initiatives. According to its website, Fred's helped raise $70,000 as a Panda Pal.

Fred's also helped raise funds for the Zambezi River Hippo Camp exhibit. Customers can purchase specified items and receive a discount in return for a donation to the zoo.

Fred's team members have also raised $187,000 for the American Cancer Society as a result of team members participating in the annual walk and other "Making Strides" events. Team members with Fred's have been a part of the walk since 2004.

According to its website, Fred's stores stock more than 12,000 frequently purchased items.

The mega-chain got its start in Coldwater, Mississippi in 1947 with its original store. It has since moved its headquarters to Memphis. The chain has grown to 650 stores at this time, but after the Walgreens and Rite Aid deal, it will climb to more than 1,500.

Now, it has two distribution centers (Memphis, TN and Dublin, GA).

The chain also owns and operates Getwell Drug & Dollar.

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