Exhibit 99.1

JOINT FILING AGREEMENT

In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a Statement on Schedule 13D (including additional amendments thereto) with respect to the shares of Class A Common Stock, no par value per share, of Fred’s, Inc., a Tennessee corporation. This Joint Filing Agreement shall be filed as an Exhibit to such Statement.

Dated:  December 21, 2016

Strategic Investment Opportunities LLC
By:	Alden Global Capital LLC Investment Manager
By:	/s/ Heath Freeman
	Name:	Heath Freeman
	Title:	President

Alden Global Capital LLC
By:	/s/ Heath Freeman
	Name:	Heath Freeman
	Title:	President

/s/ Heath Freeman

Heath Freeman