Fred’s provides $4.5M in compensation to consultant

MEMPHIS, Tenn. — Fred’s Pharmacy on Jan. 11 issued 490,074 shares of its Class A common stock to A.T. Kearney in consideration of consulting services. The aggregate value of the shares is approximately $4.5 million.

A.T. Kearney is a global management firm specializing in management consultation services, including mergers and acquisitions, for several industries, including retail. The services rendered could be related to Fred’s announcement it will acquire 865 divested Rite Aid stores should the Walgreens Boots Alliance-Rite Aid merger agreement be approved by the U.S. Federal Trade Commission.

News reports have stated the merger will be approved prior to Donald Trump being inaugurated on Friday. In an online poll, Drug Store News readers believer this prediction will come to fruition.

Fred’s announced the compensation in a Form 8-K sent to the U.S. Securities and Exchange Commission.