WSJ: Fred's hires adviser as it looks at more store closures

Discounter Fred's (NASDAQ:FRED) has hired a financial adviser as part of an effort to turn around the business in part through downsizing its store footprint, The Wall Street Journal reports.

Malfitano Partners -- whose Joseph Malfitano recently advised on the bankruptcy of Toys R Us -- is working on the turnaround for Fred's.

There's no plans to close a majority or all stores, but Fred's executives have met with liquidation firms this week to talk about closing underperforming locations, according to the report.

Of about 600 discount stores, the company already plans to close 179 of the locations with pharmacies.