Updated September 11, 2019

Fred's  announced on Monday that the ailing discount retailer has filed for bankruptcy and will shutter all of its remaining stores, the latest brick-and-mortar merchant to fold as consumers shift their spending online.

The Memphis, Tennessee-based company said it will close all of its retail locations over the next 60 days.

Fred's will continue to fill prescriptions at most of its drugstores as it pursues a court-supervised sale of its pharmacy assets.

Fred's in Pulaski learned of their closure earlier this year.

"Despite our team's best efforts, we were not able to avoid this outcome," Fred's CEO Joe Anto said in a statement that also thanked the company's employees.