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.