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Discount retailer Fred's files for Chapter 11 bankruptcy protection

Sept 9 (Reuters) - Fred's Inc said on Monday it filed for Chapter 11 bankruptcy protection, the latest retailer to succumb to pressure from the growing popularity of online shopping and rapidly changing consumer tastes.

"Despite our team's best efforts, we were not able to avoid this outcome," said Joe Anto, chief executive officer at Fred's. (Reporting by Nivedita Balu in Bengaluru Editing by Saumyadeb Chakrabarty)