The Rise and Fall of Coldwater, Mississippi's Pride, Fred's Inc

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The Rise and Fall of Coldwater, Mississippi's Pride, Fred's Inc Public Records & Notices View a complete day’s public records and notices at memphisdailynews.com. www.chandlerreports.com Tuesday, August 13, 2019 MemphisDailyNews.com Vol. 134 | No. 128 Rack–50¢/Delivery–39¢ Cannabidiol devotees fuel growth of 901 CBD Shop MICHAEL WADDELL years in the early 1980s, cooking “I got on my knees and told in so long.” probably have seizures one day Courtesy of The Daily Memphian for a two-star general, when he God, ‘You might as well just give The epilepsy was the result of from the scar tissue. That day For disabled veteran and had a seizure that got him dis- me a seizure and take me out a childhood accident. His brother came when he was 23 and serv- entrepreneur Tony Falasca, the charged. He was put on medica- because I’m not doing this any- threw a pole at him when he was ing in the Navy. catalyst for starting 901 CBD tions like Phenobarbital, Dilan- more,’ ” said Falasca, a Bartlett 10 years old, puncturing a hole in Today, he has a growing cli- Shop was finding relief from the tin and Tegretol. Because of the resident who was able to get off the side of his head. He got a met- entele of people seeking out CBD seizures caused by his epilepsy. Dilantin, he had to have a yearly opioids and was introduced to al plate in his head as a result, He served in the Navy for two liver biopsy. CBD. “Now I haven’t had a seizure and doctors told him he would CBD CONTINUED ON P2 700-store chain across the Southeastern U.S. at its peak. By the time a store-closing plan is executed by a private equity fund that controls Fred’s, it will Th e rise and fall of Coldwater, have gone from 568 stores in February to about 80 stores. Th e closures will leave Fred’s with one store in the Memphis metro area, in Byhalia, Mississippi, and only two in West Tennessee, in Dresden and Mississippi’s pride, Fred’s Inc. Counce. Observers believe the company could land in bankruptcy, perhaps soon, as part of the continu- ing fallout from a failed 2017 plan to triple the chain’s size by scooping up divested Rite Aid stores. Since May the company has warned in regula- tory fi lings of “substantial doubt about our ability to remain a going concern.” People familiar with the company say the Rite Aid deal was too risky for a small company with limited geographic reach and an inconsistent record of sound management over the years. And the ambitious expansion plan came against a backdrop of intense competition among discount retailers, a consolidation trend in retail pharmacies, changing personalities and priorities in Fred’s management, economics of communities served and a basic brand identity problem. Th e bot- tom line for insurance agent Cary Embrey is he miss- es his twice-daily treks across the Coldwater square to spend a few dollars at Fred’s, a store described by some as a sort of “baby Walmart.” Fred’s stores sell a little bit of everything: gardening, picnic and pet supplies, hardware, auto parts, food, clothes, health and beauty aids, toys and more. Losing the store, which closed in May, meant los- ing a point of community pride, Embrey said. “Th at was kind of a little distinction that Coldwater had, that we had the fi rst Fred’s store,” he said. Sons of Lebanese immigrants, brothers Paul Baddour and Charles Baddour opened stores selling bargain mer- chandise in small towns around the Mid-South in the 1940s. Paul Baddour incorporated as Baddour A Tate County school bus motors by the corner of downtown Coldwater, Mississippi, where the original Fred’s store now sits closed Inc., and the stores were named for another broth- and vacant. It’s emblematic of hundreds of stores, many of them in small rural communities, that are going out of business due er, Fred Baddour. Th e founder’s son, Paul M. Bad- to the Memphis-based discount store chain’s struggles. (Jim Weber/Courtesy of The Daily Memphian) dour, stepped down as president in 1989, and the WAYNE RISHER bank, doctor’s offi ce, pharmacy, insur- from First Baptist Church. Th e former company was taken public in 1992. Sales topped $1 Courtesy of The Daily Memphian ance agency and cafe. retail nexus of Coldwater, home to an billion for the fi rst time in 2002 and peaked at just Coldwater, Mississippi’s quaint What it doesn’t have for the fi rst time estimated 1,565 people in 2018, had under $2 billion in 2015. But margins were thin and downtown business district is two rows in 72 years is a Fred’s store, a Memphis- the distinction of being the fi rst Fred’s competition was intense among discount retailers of early 1940s brick buildings separated based discount retail and pharmacy store, opened in 1947. Fred’s eventu- by Central Avenue and a park. It has a chain that anchored a corner across ally moved to Memphis and became a FRED’S CONTINUED ON P3 INSIDE Columns ............................ 3 memphisdailynews.com chandlerreports.com Public Records ................ 4 ©2019 The Daily News Publishing Company A division of The Daily News Publishing Company Memphis, Tennessee The standard for premium real estate Established 1886 • 134th year information since 1968 Public Notices ............... 13 Call 901.523.1561 to subscribe Call 901.458.6419 for more information Page 2 MemphisDailyNews.com Tuesday, August 13, 2019 Kindred Place helps former couples successfully co-parent CHRISTIN YATES seminar. But the program really took form Courtesy of The Daily Memphian because Shelby County Judge Gina C. Hig- Half of all children in the U.S. will ex- gins called Kindred Place inquiring about perience the ending of a parent’s marriage offering more than the four-hour seminar. or relationship, statistics show. Higgins regularly sees couples in court Navigating the challenges that come arguing over parenting issues that could with co-parenting after a divorce or break- likely be resolved by learning to better up can be a challenge for many families. communicate with each other. To help make the process smoother for “There had been a need reflected by children and parents alike, the nonprofit judges’ referrals to us,” Collins said. Kindred Place has launched a pilot pro- “They wished there was a resource that gram called From Couple to Co-parents. was more extensive than one day.” The eight-week course is designed to The pilot program launched in July help divorced parents or separated cou- with four couples who were referred to the ples learn effective communication and program by Shelby County judges. conflict-resolution skills and to foster sen- The participants are couples who have sitivity to their children’s needs. ongoing conflicts that cannot be resolved “The single best predictor of how well and who can benefit from learning com- children will adjust to their parents’ di- munication skills. vorce without behavioral or emotional is- “We always tell children when the par- sues is how well the parents deal with each Catherine Collins (left), clinical director for Kindred Place, and Crystal Carter, family services ents get divorced, the marriage is over, but other,” Catherine Collins, clinical director therapist, are heading up a new program to help parents communicate in co-parenting they haven’t lost a parent,” Collins said. situations of separation and divorce. (Greg Campbell/Courtesy of The Daily Memphian) for Kindred Place, said. “I think parents who are struggling “For those families who can’t commu- a certified family life educator (CFLE) For many years, Kindred Place has of- with their problems with divorce really nicate or share information about their who has more than 10 years of experience fered four-hour seminars that are required don’t know what it’s doing to their kids. children or go to children’s activities to- working in parent education and co-par- for divorcing parents in the state of Ten- This (From Couple to Co-parents) is an gether, they may be aware of the pain and enting. “Many parents don’t realize the nessee. While the one-time class can be opportunity for them to understand and stress on them, but it also really affects things they are doing to get revenge, or effective for some families, others would learn ways to do things differently.” the kids.” because they are upset, are not just hurt- be better served by a longer-term, multi- Formerly the Exchange Club Family The course uses an evidence-based ing the co-parent,” Carter said. session program that can address complex Center, Kindred Place promotes hope, curriculum called Cooperative Parenting “They don’t realize how it impacts the challenges that may arise during a divorce healing, peace and healthy relationships and Divorce, developed by Susan Boyan children. It’s (From Couple to Co-parents) or breakup. Over the years, Kindred Place by ending the cycle of family violence and Ann Marie Termini, and is led by really a beneficial thing for the emotional received requests from some couples to through trauma-focused therapy, parent- Kindred Place clinician Crystal Carter, health of the children.” extend counseling beyond the one-day ing support and life skills. CBD CONTINUED FROM P1 CBD supposedly has anti-inflamma- tory properties, so many people believe for treatment for everything from chronic it helps with multiple sclerosis, psoriasis pain, anxiety and depression to substance and arthritis, and it contains more an- abuse and cancer-related symptoms. CBD tioxidants than whole fruits, vegetables is also known for its anti-psychotic effects, and Vitamin C.
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