Table of Contents
MEMPHIS — Fred’s Inc. said late Monday that Michael Bloom, a former executive at CVS Caremark Corp. and Family Dollar Stores Inc., has been hired as the retailer’s new president and chief operating officer. Bloom assumed the roles on January 12.
Fred’s Inc. said late Monday that Michael Bloom, a former executive at CVS Caremark Corp. and Family Dollar Stores Inc., has been hired as the retailer’s new president and chief operating officer. Bloom assumed the roles on January 12.
The hiring of Bloom comes less than two weeks after Jerry Shore officially took over as the discount retailer’s chief executive officer. Shore, a 14-year veteran at Fred’s, succeeded Bruce Efird, who decided to leave the company when his contract expired at the end of last year.
Fred’s announced in August that it was accelerating its pharmacy acquisitions as it shifts to a "convenient pharmacy-centric model." The company said it would close 60 of its stores without pharmacies by the end of the year to help pay for the transition.
"Our board of directors views this senior management addition as an important step in the process of developing the Fred’s team of the future," chairman Michael Hayes said in a statement.
Shore also issued a statement welcoming Bloom to Fred’s management ranks. "Mike Bloom is a proven leader in our industry, with a track record for delivering strong results. He brings to the Fred’s team expertise in both discount and chain drug retailing that touches on all key areas of our business," Shore said. "His extensive knowledge and experience in merchandising, operations and supply chain strategies will provide leadership to improve processes and drive customer traffic in our stores. Mike will have responsibility for major operational areas, including general merchandising, marketing, store operations and supply chain management."
Bloom joined Family Dollar in 2011 as president and COO. Previously, he served as executive vice president of merchandising, supply chain, marketing and advertising at CVS, where he had a 20-year career.
Fred’s, founded in 1947, operates 661 general merchandise stores, including 19 franchised stores, mostly in small to midsize communities in the Southeast. The stores carry more than 12,000 brand name, private label and off-brand items, including food, health and beauty aids, housewares, and cleaning supplies.
