Discount Retailer Fred’s Will Shut All Stores in Swift Collapse

Discount retailer Fred’s Inc. will close its remaining stores within 60 days after fighting for more than a year to avoid becoming the next victim of the retail apocalypse.

Fred’s, which had more than 500 stores clustered in the southeastern U.S. last year, filed for Chapter 11 bankruptcy Monday in Delaware. It had already shuttered hundreds of locations and sold off its pharmacy business in chunks in its quest to stay afloat.

The company closed almost 180 stores in July and August alone, leaving around 80 in operation, court papers show. It now plans to liquidate those remaining outlets. Competition, ...