content: UNITED STATES SEC USE ONLY
                               Washington, D.C. 20549
  
                                      RULE 144
  
                       NOTICE OF PROPOSED SALE OF SECURITIES
               PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
  
  --------------------------------------------------------------------------------
  1(a) NAME OF ISSUER (Please type or print) (b) IRS IDENT. NO. (c) SEC FILE NO.
       Freds Inc                                 62-0634010
  
  --------------------------------------------------------------------------------
  1(d) ADDRESS OF ISSUER  STREET  CITY   STATE   ZIP CODE  (e)TELEPHONE NO.
  4300 New Getwell Road                                      (901) 238-2877
  Memphis, TN  38118
  
  --------------------------------------------------------------------------------
  2(a) NAME OF PERSON FOR WHOSE ACCOUNT THE             (b) RELATIONSHIP
       SECURITIES ARE TO BE SOLD                            TO ISSUER
  
       Maxwell, Barry                                       Officer
  
  --------------------------------------------------------------------------------
  (c) ADDRESS        STREET              CITY                ZIP CODE
                               4300 New Getwell Road
                                 Memphis, TN, 38118
  --------------------------------------------------------------------------------
  
  --------------------------------------------------------------------------------
  INSTRUCTION: The person filing this notice should contact the issuer to obtain
  the I.R.S. Identification Number and the SEC File Number.
  --------------------------------------------------------------------------------
  <TABLE>
  <CAPTION>
                                           SEC USE
  3(a)           (b)                       ONLY     (c)           (d)          (e)                (f)                (g)
  ------------   ---------------------     -------  ---------     ---------    ----------------   ----------------   -----------------
  Title of the   Name and Address of       Broker-  Number of     Aggregate    Number of Shares   Approximate        Name of Each
  Class of       Each Broker Through       Dealer   Shares or     Market       or Other Units     Date of Sale       Securities
  Securities     Whome the Securities      File     Other Units   Value        Outstanding        (See instr. 3(f))  Exchange
  to be Sold     are to be Offered         Number   to be Sold    (See instr.  (See instr. 3(e))  (MO. DAY YR.)      (See instr. 3(g))
                 or Each Market                     (See instr.   3(d))
                 Maker who is                       3(c))
                 Aquiring the
                 Securities
  <S>            <C>                       <C>      <C>           <C>           <C>               <C>                <C>
  ------------------------------------------------------------------------------------------------------------------------------------
  Class A        Merrill Lynch                      161           2290          39962902          09/04/08           NASD
  Common         101 Hudson
                 Street
                 Jersey City, NJ
  ------------------------------------------------------------------------------------------------------------------------------------
  </TABLE>
  <PAGE>
                          TABLE I - SECURITIES TO BE SOLD
  
  Furnish the following information with respect to the acquisition of the
  securities to be sold and with respect to the payment of all or any part of the
  purchase price or other consideration therefor:
  
  <TABLE>
  <CAPTION>
                                                 Name of Person
                                                 from Whom Acquired
  Title of   Date You  Nature of                 (If gift, also give date   Amount of             Date of
  the Class  Acquired  Acquisition Transaction   donor acquired)            Securities Acquired   Payment     Nature of Payment
  <S>        <C>       <C>                       <C>                        <C>                   <C>         <C>
  ------------------------------------------------------------------------------------------------------------------------------------
  Class A   12/27/07  Employer sponsored ESPP   Fred's, Inc.               161                   12/27/07     Payroll
  Common                                                                                                      withholding
  ------------------------------------------------------------------------------------------------------------------------------------
  </TABLE>
                TABLE II - SECURITIES SOLD DURING THE PAST 3 MONTHS
  Furnish the following information as to all securities of the issuer sold during
  the past 3 months by the person for whose account the securities are to be sold.
  
  <TABLE>
  <S>                                <C>                         <C>             <C>           <C>
                                                                                 Amount of     Gross
  Name and Address of Seller         Title of Securities Sold    Date of Sale    Securities    Proceeds
  -------------------------------------------------------------------------------------------------------
  0             0
  -------------------------------------------------------------------------------------------------------
  </TABLE>
  
  REMARKS:
  
  INSTRUCTIONS:
  
  See the definition of "person" in paragraph (a) of Rule 144. Information is to
  be given not only as to the person for whose account the securities are to be
  sold but also as to sales by all persons whose sales are required by paragraph
  (e) of Rule 144 to be aggregated with sales for the account of the person filing
  this notice.
  
  ATTENTION:
  
  The person for whose account the securities to which this notice relates are to
  sold hereby represents by signing this notice that he does not know any material
  adverse information in regard to the current and prospective operations of the
  Issuer of the securities to be sold which have not been publicly disclosed.
  
                                        Fred's, Inc.
  
  Date: 09/05/2008                      /s/ Anita Ryan by power of attorney
                                        Name:  Anita Ryan by power of attorney
                                        Title: Treasurer
  
  
  
  The notice shall be signed by the person for whose account the securities are to
  be sold. At least one copy of the notice shall be manually signed. Any copies
  not manually signed shall bear typed or printed signatures.
  
  ATTENTION: Intentional misstatements or omission of facts constitute Federal
  Criminal Violations (See 18 U.S.C. 1001).
metadata_documents: [{"type": "144", "sequence": "1", "filename": "file001.txt", "description": "FORM 144", "secsgml_size_bytes": 6561}]
text: UNITED STATES SEC USE ONLY
                               Washington, D.C. 20549
  
                                      RULE 144
  
                       NOTICE OF PROPOSED SALE OF SECURITIES
               PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
  
  --------------------------------------------------------------------------------
  1(a) NAME OF ISSUER (Please type or print) (b) IRS IDENT. NO. (c) SEC FILE NO.
       Freds Inc                                 62-0634010
  
  --------------------------------------------------------------------------------
  1(d) ADDRESS OF ISSUER  STREET  CITY   STATE   ZIP CODE  (e)TELEPHONE NO.
  4300 New Getwell Road                                      (901) 238-2877
  Memphis, TN  38118
  
  --------------------------------------------------------------------------------
  2(a) NAME OF PERSON FOR WHOSE ACCOUNT THE             (b) RELATIONSHIP
       SECURITIES ARE TO BE SOLD                            TO ISSUER
  
       Maxwell, Barry                                       Officer
  
  --------------------------------------------------------------------------------
  (c) ADDRESS        STREET              CITY                ZIP CODE
                               4300 New Getwell Road
                                 Memphis, TN, 38118
  --------------------------------------------------------------------------------
  
  --------------------------------------------------------------------------------
  INSTRUCTION: The person filing this notice should contact the issuer to obtain
  the I.R.S. Identification Number and the SEC File Number.
  --------------------------------------------------------------------------------
  SEC USE
  3(a)           (b)                       ONLY     (c)           (d)          (e)                (f)                (g)
  ------------   ---------------------     -------  ---------     ---------    ----------------   ----------------   -----------------
  Title of the   Name and Address of       Broker-  Number of     Aggregate    Number of Shares   Approximate        Name of Each
  Class of       Each Broker Through       Dealer   Shares or     Market       or Other Units     Date of Sale       Securities
  Securities     Whome the Securities      File     Other Units   Value        Outstanding        (See instr. 3(f))  Exchange
  to be Sold     are to be Offered         Number   to be Sold    (See instr.  (See instr. 3(e))  (MO. DAY YR.)      (See instr. 3(g))
                 or Each Market                     (See instr.   3(d))
                 Maker who is                       3(c))
                 Aquiring the
                 Securities
  ------------------------------------------------------------------------------------------------------------------------------------
  Class A        Merrill Lynch                      161           2290          39962902          09/04/08           NASD
  Common         101 Hudson
                 Street
                 Jersey City, NJ
  ------------------------------------------------------------------------------------------------------------------------------------
  TABLE I - SECURITIES TO BE SOLD
  
  Furnish the following information with respect to the acquisition of the
  securities to be sold and with respect to the payment of all or any part of the
  purchase price or other consideration therefor:
  Name of Person
                                                 from Whom Acquired
  Title of   Date You  Nature of                 (If gift, also give date   Amount of             Date of
  the Class  Acquired  Acquisition Transaction   donor acquired)            Securities Acquired   Payment     Nature of Payment
  ------------------------------------------------------------------------------------------------------------------------------------
  Class A   12/27/07  Employer sponsored ESPP   Fred's, Inc.               161                   12/27/07     Payroll
  Common                                                                                                      withholding
  ------------------------------------------------------------------------------------------------------------------------------------
  TABLE II - SECURITIES SOLD DURING THE PAST 3 MONTHS
  Furnish the following information as to all securities of the issuer sold during
  the past 3 months by the person for whose account the securities are to be sold.
  Amount of     Gross
  Name and Address of Seller         Title of Securities Sold    Date of Sale    Securities    Proceeds
  -------------------------------------------------------------------------------------------------------
  0             0
  -------------------------------------------------------------------------------------------------------
  REMARKS:
  
  INSTRUCTIONS:
  
  See the definition of "person" in paragraph (a) of Rule 144. Information is to
  be given not only as to the person for whose account the securities are to be
  sold but also as to sales by all persons whose sales are required by paragraph
  (e) of Rule 144 to be aggregated with sales for the account of the person filing
  this notice.
  
  ATTENTION:
  
  The person for whose account the securities to which this notice relates are to
  sold hereby represents by signing this notice that he does not know any material
  adverse information in regard to the current and prospective operations of the
  Issuer of the securities to be sold which have not been publicly disclosed.
  
                                        Fred's, Inc.
  
  Date: 09/05/2008                      /s/ Anita Ryan by power of attorney
                                        Name:  Anita Ryan by power of attorney
                                        Title: Treasurer
  
  The notice shall be signed by the person for whose account the securities are to
  be sold. At least one copy of the notice shall be manually signed. Any copies
  not manually signed shall bear typed or printed signatures.
  
  ATTENTION: Intentional misstatements or omission of facts constitute Federal
  Criminal Violations (See 18 U.S.C. 1001).