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Freds Inc – ‘8-K’ for 1/9/20 – ‘EX-99.1’

On:  Tuesday, 1/14/20, at 3:20pm ET   ·   For:  1/9/20   ·   Accession #:  1193125-20-7125   ·   File #:  1-14565

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 1/14/20  Freds Inc                         8-K:7,8,9   1/09/20    2:229K                                   Donnelley … Solutions/FA

Current Report   —   Form 8-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                      HTML     24K 
 2: EX-99.1     Miscellaneous Exhibit                               HTML    123K

‘EX-99.1’   —   Miscellaneous Exhibit

This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]

  EX-99.1  

Exhibit 99.1

Case 19-11984-CSS    Doc 710    Filed 01/10/20    Page 1 of 12

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

 

In re: FRED’S, INC., et al.    Case No. 19-11984 (CSS)
   Reporting Period: November 3, 2019 to November 30, 2019

MONTHLY OPERATING REPORT

File with Court and submit copy to United States Trustee within 20 days after end of month

Submit copy of report to any official committee appointed in the case.

 

REQUIRED DOCUMENTS

    Form No.    Document
Attached		    Explanation
Attached		      Affidavit/Supplement
Attached		  

Schedule of Cash Receipts and Disbursements

    MOR-1    ✓      

Bank Reconciliation (or copies of debtor’s bank reconciliations)

    MOR-1a    ✓      

Schedule of Professional Fees Paid

    MOR-1b    ✓      

Copies of bank statements

            

Cash disbursements journals

            

Statement of Operations

    MOR-2    ✓      

Balance Sheet

    MOR-3    ✓      

Status of Postpetition Taxes

    MOR-4    ✓      

Copies of IRS Form 6123 or payment receipt

            

Copies of tax returns filed during reporting period

            

Summary of Unpaid Postpetition Debts

    MOR-4    ✓      

Listing of aged accounts payable

    MOR-4    ✓      

Accounts Receivable Reconciliation and Aging

    MOR-5    ✓      

Debtor Questionnaire

    MOR-5    ✓      

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.

 

 

                  

 

Signature of Debtor          Date

 

     

 

Signature of Joint Debtor          Date

/s/ Mark Renzi

     

1/10/2020

Signature of Authorized Individual*          Date

Mark Renzi

     

Chief Restructuring Officer

Printed Name of Authorized Individual          Title of Authorized Individual

 

*

Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.

Case 19-11984-CSS    Doc 710    Filed 01/10/20    Page 2 of 12

 

FRED’S, INC., et al.

DEBTORS AND DEBTORS IN POSSESSION

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

For period from November 3, 2019 to November 30, 2019

 

($ in 000’s)

Cash Flow Summary

    Current
Month		     Cumulative  

Receipts

     

FS Collections

      15       28,296  

Rx Collections (1)

      4,468       29,173  

Asset Sales

      28,413       45,734  

Other Collections

      797       2,719  
  

 

 

    

 

 

  

Total Cash Receipts

      33,694       105,922  

Disbursements

     

FS Merchandise

      (232 )      (830 ) 

RX Merchandise

      —         (10,670 ) 

Payroll and Other Employee Obligations

      (1,664 )      (11,838 ) 

Rent

      (918 )      (2,085 ) 

Sales Tax

      (855 )      (3,966 ) 

Utilities

      (993 )      (2,223 ) 

Other Operating Disbursements

      (1,986 )      (10,098 ) 

Third Party Rx Reimbursement

      (1,702 )      (2,634 ) 

Other Non-Operating Disbursements

      (3,619 )      (23,750 ) 
  

 

 

    

 

 

  

Total Cash Disbursements

      (11,968 )      (68,094 ) 

Net Cash Flow (2)

      21,726       37,828  

 

(1)

The Company collected pharmacy proceeds on behalf 3rd party buyers for sold pharmacies during this period; generally a one week delay from collecting to disbursing those proceeds

(2)

The Company was operating under cash collateral during this period and cash was used to pay down the DIP loan.

Case 19-11984-CSS    Doc 710    Filed 01/10/20    Page 3 of 12

 

FRED’S, INC., et al.

DEBTORS AND DEBTORS IN POSSESSION

Total Disbursements by Filed Legal Entity (unaudited, in thousands)

 

For period from November 3, 2019 to November 30, 2019

  

Legal Entity

    Case Number      Disbursements  

Fred’s, Inc.

      19-11984      $ 11,051  

Fred’s Stores of Tennessee, Inc.

      19-11982      $ 918  

505 N. Main Opp, LLC

      19-11983        —    

National Equipment Management and Leasing, Inc.

      19-11985        —    

National Pharmaceutical Network, Inc.

      19-11986        —    

Summit Properties – Bridgeport, LLC

      19-11987        —    

Summit Properties – Jacksboro, LLC

      19-11988        —    

Reeves-Sain Drug Store, Inc.

      19-11989        —    

Case 19-11984-CSS    Doc 710    Filed 01/10/20    Page 4 of 12

 

FRED’S, INC., et al.

DEBTORS AND DEBTORS IN POSSESSION

Bank Reconciliations (unaudited)

Values in $

 

Debtor Name    Name of Institution    Type of Account    Account Number
(last 4 digits)		      Account balance
as of 11/30		  

Fred’s, Inc.

    Regions Bank    Pharmacy Lockbox      7214        656,438  

Fred’s, Inc.

    Regions Bank    Payroll      5469        —    

Fred’s, Inc.

    Regions Bank    Master      5477        77,245  

Fred’s, Inc.

    Regions Bank    Master Funding      4352        —    

Fred’s, Inc.

    Regions Bank    Controlled Disbursement      3377        —    

Fred’s, Inc.

    Regions Bank    Alcohol      2440        —    

Fred’s, Inc.

    Regions Bank    Sales Tax      2459        —    

Fred’s, Inc.

    Regions Bank    Import Customs      5899        —    

Fred’s, Inc.

    Regions Bank    TN Lottery      4565        —    

Fred’s, Inc.

    Regions Bank    AR Lottery      4638        —    

Fred’s, Inc.

    Regions Bank    GA Lottery      4654        —    

Fred’s, Inc.

    Regions Bank    TX Lottery      3132        —    

Fred’s, Inc.

    Regions Bank    FL Lottery      5750        —    

Fred’s, Inc.

    Regions Bank    KY Lottery      3430        —    

Fred’s, Inc.

    Regions Bank    MO Lottery      3449        —    

Fred’s, Inc.

    Regions Bank    NC Education Lottery      3457        —    

Fred’s, Inc.

    Bank of America    Import Letters of Credit      3162        11,420  

Fred’s, Inc.

    Bank of America    EDI      4407        96,793  

Fred’s, Inc.

    MetaBank    Payroll Pay Cards      0011        17,881  

Fred’s, Inc.

    Regions Bank    Pharmacy Escrow Acct      5963        350,000  

Fred’s, Inc.

    Regions Bank    Stub Rent Escrow Acct      5920        84,788  

Fred’s, Inc.

    Regions Bank    Utility Escrow Acct      5742        359,271  

Fred’s, Inc.

    Regions Bank    Asset Disposition      4585        22,002,646  

Fred’s Stores of Tennessee, Inc.

    Anderson Brothers Bank    Store Operating      0502        5,739  

Fred’s Stores of Tennessee, Inc.

    Arvest Bank    Store Operating      0017        1,332  

Fred’s Stores of Tennessee, Inc.

    Bancorp South    Store Operating      0828        3,711  

Fred’s Stores of Tennessee, Inc.

    Bank of Dudley    Store Operating      9392        2,537  

Fred’s Stores of Tennessee, Inc.

    Bank of Early    Store Operating      0759        6,434  

Fred’s Stores of Tennessee, Inc.

    Bank of Montgomery    Store Operating      8617        2,205  

Fred’s Stores of Tennessee, Inc.

    Bank of Morton    Store Operating      0318        5,000  

Fred’s Stores of Tennessee, Inc.

    Bank of Ripley    Store Operating      4384        5,770  

Fred’s Stores of Tennessee, Inc.

    Bank of The Ozarks    Store Operating      6901        1,732  

Fred’s Stores of Tennessee, Inc.

    Bank of Wiggins    Store Operating      7738        1,508  

Fred’s Stores of Tennessee, Inc.

    Bank of Winona    Store Operating      0663        773  

Fred’s Stores of Tennessee, Inc.

    Bank Plus    Store Operating      7511        1,359  

Fred’s Stores of Tennessee, Inc.

    Bank Plus    Store Operating      0738        130  

Fred’s Stores of Tennessee, Inc.

    Bank Plus    Store Operating      1586        3,168  

Fred’s Stores of Tennessee, Inc.

    Bank Plus    Store Operating      3391        1,479  

Fred’s Stores of Tennessee, Inc.

    Bank South    Store Operating      2673        1,335  

Fred’s Stores of Tennessee, Inc.

    Bankfirst Financial Services    Store Operating      4205        7,520  

Fred’s Stores of Tennessee, Inc.

    Banterra Bank    Store Operating      6801        1,921  

Fred’s Stores of Tennessee, Inc.

    Cadence Bank    Store Operating      2705        4,312  

Fred’s Stores of Tennessee, Inc.

    Cadence Bank    Store Operating      8694        2,865  

Fred’s Stores of Tennessee, Inc.

    Caldwell Bank & Trust    Store Operating      9751        1,256  

Fred’s Stores of Tennessee, Inc.

    CB&S Bank    Store Operating      9793        1,844  

Fred’s Stores of Tennessee, Inc.

    CB&S Bank    Store Operating      4813        2,702  

Fred’s Stores of Tennessee, Inc.

    Centennial Bank    Store Operating      3515        954  

Fred’s Stores of Tennessee, Inc.

    Century Next Bank    Store Operating      2128        1,135  

Fred’s Stores of Tennessee, Inc.

    Century Next Bank    Store Operating      8784        3,706  

Fred’s Stores of Tennessee, Inc.

    Chester County Bank    Store Operating      4427        1,849  

Fred’s Stores of Tennessee, Inc.

    Citizens Bank    Store Operating      2495        586  

Fred’s Stores of Tennessee, Inc.

    Citizens Bank    Store Operating      7897        10,362  

Fred’s Stores of Tennessee, Inc.

    City National Bank    Store Operating      8174        2,566  

Fred’s Stores of Tennessee, Inc.

    Colony Bank    Store Operating      3410        2,349  

Fred’s Stores of Tennessee, Inc.

    Commercial State Bank    Store Operating      5801        604  

Fred’s Stores of Tennessee, Inc.

    Concordia Bank    Store Operating      8829        1,227  

Fred’s Stores of Tennessee, Inc.

    Concordia Bank & Trust Co    Store Operating      7288        3,167  

Fred’s Stores of Tennessee, Inc.

    Cornerstone Bank    Store Operating      0096        1,907  

Fred’s Stores of Tennessee, Inc.

    Delta Bank    Store Operating      9366        2,930  

Fred’s Stores of Tennessee, Inc.

    Farmer State Bank    Store Operating      6013        16,760  

Fred’s Stores of Tennessee, Inc.

    Farmers & Merchants Bank    Store Operating      6822        45,036  

Fred’s Stores of Tennessee, Inc.

    Farmers & Merchants Bank    Store Operating      7301        3,795  

Fred’s Stores of Tennessee, Inc.

    First Bank    Store Operating      6219        (879 ) 

Fred’s Stores of Tennessee, Inc.

    First Choice Bank    Store Operating      1139        3,589  

Fred’s Stores of Tennessee, Inc.

    First Citizens    Store Operating      5539        4,015  

Fred’s Stores of Tennessee, Inc.

    First Citizens    Store Operating      4001        1,678  

Fred’s Stores of Tennessee, Inc.

    First Citizens    Store Operating      3001        2,482  

Fred’s Stores of Tennessee, Inc.

    First Citizens Bank    Store Operating      2927        1,755  

Fred’s Stores of Tennessee, Inc.

    First Farmers & Merchants    Store Operating      5274        2,109  

Fred’s Stores of Tennessee, Inc.

    First Farmers & Merchants Bank    Store Operating      0360        974  

Fred’s Stores of Tennessee, Inc.

    First Guaranty Bank    Store Operating      5568        4,766  

Case 19-11984-CSS    Doc 710    Filed 01/10/20    Page 5 of 12

 

FRED’S, INC., et al.

DEBTORS AND DEBTORS IN POSSESSION

Bank Reconciliations (unaudited)

Values in $

 

Debtor Name    Name of Institution    Type of Account    Account Number
(last 4 digits)		      Account balance
as of 11/30		  

Fred’s Stores of Tennessee, Inc.

    First Guaranty Bank    Store Operating      7389        3,218  

Fred’s Stores of Tennessee, Inc.

    First Guaranty Bank    Store Operating      2625        910  

Fred’s Stores of Tennessee, Inc.

    First Guaranty Bank    Store Operating      1161        1,304  

Fred’s Stores of Tennessee, Inc.

    First National Bank of Wynne    Store Operating      0901        1,757  

Fred’s Stores of Tennessee, Inc.

    First Security Bank    Store Operating      0193        3,723  

Fred’s Stores of Tennessee, Inc.

    First Security Bank    Store Operating      9973        1,476  

Fred’s Stores of Tennessee, Inc.

    First Security Bank    Store Operating      5693        1,389  

Fred’s Stores of Tennessee, Inc.

    First State Bank    Store Operating      8883        2,059  

Fred’s Stores of Tennessee, Inc.

    FNBC    Store Operating      9890        1,080  

Fred’s Stores of Tennessee, Inc.

    German American Bank    Store Operating      8401        2,769  

Fred’s Stores of Tennessee, Inc.

    Gibsland Bank & Trust    Store Operating      6231        1,273  

Fred’s Stores of Tennessee, Inc.

    Gibsland Bank & Trust    Store Operating      5901        4,152  

Fred’s Stores of Tennessee, Inc.

    Glennville Bank    Store Operating      8454        3,161  

Fred’s Stores of Tennessee, Inc.

    Hancock Bank    Store Operating      5810        6,489  

Fred’s Stores of Tennessee, Inc.

    Iberia Bank    Store Operating      1953        6,309  

Fred’s Stores of Tennessee, Inc.

    JD Bank    Store Operating      8193        3,151  

Fred’s Stores of Tennessee, Inc.

    Mckenzie Banking Co    Store Operating      3153        1,668  

Fred’s Stores of Tennessee, Inc.

    Merchants & Farmers Bank    Store Operating      2565        1,010  

Fred’s Stores of Tennessee, Inc.

    Merchants & Farmers Bank    Store Operating      1095        2,981  

Fred’s Stores of Tennessee, Inc.

    Metro Bank    Store Operating      3131        3,079  

Fred’s Stores of Tennessee, Inc.

    Morgantown Bank & Trust    Store Operating      3301        1,364  

Fred’s Stores of Tennessee, Inc.

    Mount Vernon Bank    Store Operating      0473        1,978  

Fred’s Stores of Tennessee, Inc.

    Northeast Georgia Bank    Store Operating      5697        3,339  

Fred’s Stores of Tennessee, Inc.

    Peoples Bank    Store Operating      5520        1,844  

Fred’s Stores of Tennessee, Inc.

    Peoples Trust Bank    Store Operating      0345        5,099  

Fred’s Stores of Tennessee, Inc.

    Piggott State Bank    Store Operating      3085        1,314  

Fred’s Stores of Tennessee, Inc.

    Pinnacle Bank    Store Operating      4780        954  

Fred’s Stores of Tennessee, Inc.

    Planters First Bank    Store Operating      2882        2,850  

Fred’s Stores of Tennessee, Inc.

    Priority One Bank    Store Operating      2258        1,969  

Fred’s Stores of Tennessee, Inc.

    Queensborough National Bank & Trust Co    Store Operating      6601        4,382  

Fred’s Stores of Tennessee, Inc.

    Queensborough National Bank & Trust Co    Store Operating      7343        4,539  

Fred’s Stores of Tennessee, Inc.

    Renasant Bank    Store Operating      1226        3,336  

Fred’s Stores of Tennessee, Inc.

    Renasant Bank    Store Operating      4205        1,242  

Fred’s Stores of Tennessee, Inc.

    Richton Bank and Trust Co    Store Operating      2262        1,626  

Fred’s Stores of Tennessee, Inc.

    Sabine State    Store Operating      1535        1,698  

Fred’s Stores of Tennessee, Inc.

    Sabine State Bank & Trust Co    Store Operating      0583        7,119  

Fred’s Stores of Tennessee, Inc.

    Security State Bank    Store Operating      3456        2,436  

Fred’s Stores of Tennessee, Inc.

    Signature Bank of Arkansas    Store Operating      0010        720  

Fred’s Stores of Tennessee, Inc.

    Simmons First    Store Operating      1696        2,748  

Fred’s Stores of Tennessee, Inc.

    Simmons First Bank    Store Operating      0944        1,342  

Fred’s Stores of Tennessee, Inc.

    South Crest    Store Operating      2024        2,822  

Fred’s Stores of Tennessee, Inc.

    South State Bank    Store Operating      8401        5,277  

Fred’s Stores of Tennessee, Inc.

    Southern Bank & Trust    Store Operating      1102        1,699  

Fred’s Stores of Tennessee, Inc.

    Suntrust    Store Operating      6390        880  

Fred’s Stores of Tennessee, Inc.

    TD Bank    Store Operating      0141        6,895  

Fred’s Stores of Tennessee, Inc.

    Tensas State Bank    Store Operating      1820        4,783  

Fred’s Stores of Tennessee, Inc.

    The Bank of Eastman    Store Operating      8464        4,161  

Fred’s Stores of Tennessee, Inc.

    The Heritage Bank    Store Operating      6965        795  

Fred’s Stores of Tennessee, Inc.

    The Heritage Bank    Store Operating      4468        3,763  

Fred’s Stores of Tennessee, Inc.

    The Heritage Bank    Store Operating      8388        2,838  

Fred’s Stores of Tennessee, Inc.

    Tippins Bank & Trust Co    Store Operating      9797        3,023  

Fred’s Stores of Tennessee, Inc.

    Trustmark National Bank    Store Operating      7279        3,770  

Fred’s Stores of Tennessee, Inc.

    Trustmark National Bank    Store Operating      0192        3,425  

Fred’s Stores of Tennessee, Inc.

    Trustmark National Bank    Store Operating      5999        5,655  

Fred’s Stores of Tennessee, Inc.

    Trustmark National Bank    Store Operating      1891        3,194  

Fred’s Stores of Tennessee, Inc.

    United Community Bank    Store Operating      9868        7,231  

Fred’s Stores of Tennessee, Inc.

    United Community Bank    Store Operating      4323        917  

Fred’s Stores of Tennessee, Inc.

    Valley National Bank    Store Operating      6008        9,631  

Fred’s Stores of Tennessee, Inc.

    Wells Fargo    Store Operating      3460        30,318  

NOTE: Account Balances provided as of 11/30 or date of latest account activity

Case 19-11984-CSS    Doc 710    Filed 01/10/20    Page 6 of 12

 

FRED’S, INC., et al.

DEBTORS AND DEBTORS IN POSSESSION

Total Disbursements to Retained Professionals (unaudited, in thousands)

 

For period from November 3, 2019 to November 30, 2019

  

Retained Professionals

   

Role

    Current Month
Disbursements		      Cumulative
Disbursements		  

Morris, Nichols, Arsht & Tunnell LLP

    Debtor Counsel      146        146  

Akin Gump Strauss

    Debtor Counsel      284        284  

Epiq Corporate Restructuring LLC

    Claims Agent      326        326  

Lowenstein Sandler LLP

    UCC Counsel      148        148  

Berkeley Research Group

    Debtor Financial Advisor      444        444  
     

 

 

     

 

 

  

Total

       $ 1,347      $ 1,347  
     

 

 

     

 

 

  

Case 19-11984-CSS    Doc 710    Filed 01/10/20    Page 7 of 12

 

FRED’S, INC., et al.

DEBTORS AND DEBTORS IN POSSESSION

MOR 2 - CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands)

 

For period from November 3, 2019 to November 30, 2019

  

Net sales

      749  

Cost of goods sold

      (4,024 ) 
  

 

 

  

Gross profit

      (3,275 ) 

Depreciation and amortization

      176  

Selling, general and administrative expenses

      16,262  
  

 

 

  

Operating income (loss)

      (19,712 ) 

Gain (loss) from disposal of assets/liabilities

      36,380  

Interest expense

      9  
  

 

 

  

Income (loss) before income taxes

      16,659  

Provision (benefit) for income taxes

      —    
  

 

 

  

Net income (loss) from continuing operations

      16,659  

Net income (loss) from discontinued operations

      —    
  

 

 

  

Net income (loss)

      16,659  

Case 19-11984-CSS    Doc 710    Filed 01/10/20    Page 8 of 12

 

FRED’S, INC., et al.

DEBTORS AND DEBTORS IN POSSESSION

MOR 3 - CONSOLIDATED BALANCE SHEETS (unaudited, in thousands)

 

     Novemeber 30,
2019		  

ASSETS

   

Current assets:

   

Cash and cash equivalents

      24,048  

Inventories

      —    

Receivables, less allowance for doubtful accounts of $1,264

      3,220  

Other non-trade receivables

      38,655  

Prepaid expenses and other current assets

      699  
  

 

 

  

Total current assets

      66,623  

Property and equipment, less accumulated depreciation and amortization

      2,743  

Goodwill

      —    

Intangible assets, net

      —    

Other noncurrent assets, net

      2,087  
  

 

 

  

Total assets

      71,453  
  

 

 

  

LIABILITIES AND SHAREHOLDERS’ EQUITY

   

Current liabilities:

   

Accounts payable

      56,999  

Current portion of indebtedness

      68  

Accrued expenses and other

      12,611  
  

 

 

  

Total current liabilities

      69,678  

Long-term portion of indebtedness

      14,388  

Other noncurrent liabilities

      5,525  
  

 

 

  

Total liabilities

      89,591  
  

 

 

  

Shareholders’ equity:

   

Preferred stock, nonvoting, no par value

      —    

Preferred stock, Series A junior participating nonvoting, no par value

      —    

Preferred stock, Series C junior participating voting, no par value

      —    

Common stock, Class A voting, no par value

      128,131  

Common stock, Class B nonvoting, no par value

      —    

Treasury Stock, at cost

      (10,823 ) 

Retained earnings

      (136,001 ) 

Accumulated other comprehensive income

      555  
  

 

 

  

Total shareholders’ equity

      (18,137 ) 
  

 

 

  

Total liabilities and shareholders’ equity

      71,453  
  

 

 

  

Note: This does not include potential lease rejection damages.

Case 19-11984-CSS    Doc 710    Filed 01/10/20    Page 9 of 12

 

FRED’S, INC., et al.

DEBTORS AND DEBTORS IN POSSESSION

MOR - 4 Status of Post Petition Taxes

The Debtors continue to pay post-petition taxes as they become due and are current on those payments. If payments become past due the Debtors will include a schedule in the MOR listing past due post-petition taxes.

Case 19-11984-CSS    Doc 710    Filed 01/10/20    Page 10 of 12

 

FRED’S, INC., et al.    

DEBTORS AND DEBTORS IN POSSESSION    

Summary of Unpaid Post-Petition Debts (unaudited, in Thousands)

 

Post-Petition Debts Aging Amount    Total  

Current

      68  

0 - 30 Days Old

      74  

31 - 60 Days Old

      49  

61 - 90 Days Old

      182  

91 + Days Old

      —    
  

 

 

  

Total Post-Petition Debts

      372  

Case 19-11984-CSS    Doc 710    Filed 01/10/20    Page 11 of 12

 

FRED’S, INC., et al.

DEBTORS AND DEBTORS IN POSSESSION

Trade Receivable Aging (unaudited, in Thousands)

 

    Credit Card     Pharmacy      Total      Allowance
for Doubtful
Accounts		     Total, less
Allowance
for Doubtful
Accounts		  

Trade Receivable Aging Amount Current

     —       —          —          —         —    

0 - 30 Days Old

     1       4,483        4,484        (1,264 )      3,220  

31 - 60 Days Old

     —         —          —          —         —    

61 - 90 Days Old

     —         —          —          —         —    

91 + Days Old

     —         —          —          —         —    
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total Trade Receivable

     1       4,483        4,484        (1,264 )      3,220  

Case 19-11984-CSS    Doc 710    Filed 01/10/20    Page 12 of 12

 

FRED’S, INC., et al.

DEBTORS AND DEBTORS IN POSSESSION

Questionnaire

 

                    Yes    No

1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.

 

During this period, the debtors liquidated FF&E for amounts below normal course pricing. Pharmacy scripts, pharmacy inventory, and owned stores were also sold to third-party buyers.

    X   
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below.       X
3. Have all post-petition tax returns been filed timely? If no, provide an explanation below.    X   
4. Are workers compensation, general liability, and other necessary insurance coverages in effect? If no, provide an explanation below.    X   
5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.       X

Account Name

   

Purpose

    Business    Acct Number    Bank Name    Date

Dates Referenced Herein

This ‘8-K’ Filing    Date    Other Filings
Filed on:1/14/20None on these Dates
For Period end:1/9/20
11/30/19
11/3/19
 List all Filings 
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