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SUBSEQUENT EVENT
3 Months Ended
May 05, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENT

NOTE 13: SUBSEQUENT EVENT

 

On May 4, 2018, Fred’s entered into an Asset Purchase Agreement (the “Specialty Pharmacy Purchase Agreement”) with Advance Care Scripts, Inc. (the “ACS”), pursuant to which the ACS agreed to purchase certain specialty pharmacy assets of National Pharmaceutical Network, Inc. and Reeves-Sain Drug Store, Inc. (collectively, “Entrust”), consisting of three pharmacy locations, pharmaceutical inventory, and related intellectual property. The purchase price for the purchased assets was $40.0 million (plus an additional amount for inventory, not to exceed $5.5 million), subject to any adjustments. On June 1, 2018, the transactions contemplated by the Specialty Pharmacy Agreement were consummated. For additional information, see the Company’s Current Report on Form 8-K filed with the SEC on June 4, 2018.