Following its announcement that it would be closing 159 stores by May; Fred’s Inc. (FRED) said that it will be closing an additional 104 underperforming stores. The store closures are a part of the company’s effort to “rationalize its store footprint.”

Liquidation at the 104 stores will begin Friday with the remaining stores in the company’s portfolio to remain open. Fred’s said it made the decision to close stores based on historical and recent store performance and lease expiration timing.

"These additional store closures are a difficult, but necessary step in the continued restructuring of Fred's,” Joseph Anto, CEO at Fred’s said.

The 104 stores are expected to close by the end of June. A full list of closures can be found here.

Fred’s also said it is continuing to work with Malfitano Advisors, LLC and SB360 Capital Partners to manage the store closures.

Beyond closing the 104 store locations, Fred’s has also entered into a “forbearance agreement and amendment with its lenders.”

Shares of Fred’s stock were down 4.91 percent as of 3:24 p.m. ET on Friday.

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