Fred's sells specialty pharmacy business to CVS for $40M

Fred’s Inc. closed on the $40 million sale of its specialty pharmacy division to CVS Health.

“We are pleased to conclude the sale of EntrustRx, an important step in our plans to monetize noncore assets as part of our broader turnaround efforts,” Fred’s interim CEO Joe Anto said in a statement. “The cash proceeds will allow us to pay down a significant portion of our debt and also be used for general corporate purposes.”

Fred’s is reportedly considering the sale of more of its assets.

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