MEMPHIS (AP) — Discount retailer Fred's has named a new chief executive officer.

The Commercial Appeal (http://bit.ly/1t74Y8T) reports the Memphis, Tennessee-based company has named Jerry Shore to be its new CEO.

Shore has served as the company's executive vice president and chief financial officer for more than 14 years. In January, he assumed the additional title of chief operating officer.

Current CEO Bruce Efird will leave the company when his contract expires.

The change comes two months after Fred's announced plans to close 60 low-performing stores that do not have pharmacies, part of a strategy focusing on pharmacy and convenience items.

The closures were announced as Fred's reported a second-quarter net loss of more than $16 million.