Yesterday, after 113 years, Alco Stores, a discount retailer serving consumers in smaller, mostly rural communities, closed shop. A day earlier, the United States Bankruptcy Court in Dallas approved an order authorizing Tiger Capital Group LLC, SB Capital Group LLC and Great American Group LLC to conduct Going Out Of Business sales, the liquidators said, in each of Alco’s 198 locations in 23 states from Florida to Montana.
The liquidators are offering $260 million of inventory, fixtures and equipment for purchase beginning today, they noted.
“Alco’s humble beginning as a single variety store in 1901 began a path of growth fueled by a strategy of focusing on smaller communities throughout the Midwest, Southeast and Southwest while offering a wide selection of products at heavily discounted prices,” Daniel Kane, managing member of Tiger Capital Group, said in helping announced the liquidation. “In addition to the convenience of being able to shop locally, the chain distinguished itself by emphasizing the kind of friendly, personal service that small-town consumers expect. Unfortunately, many of Alco’s small-town customers were disproportionately impacted by the slow economy. These economic factors ultimately led to the difficult decision to liquidate all of Alco’s assets.”
Alco filed for Chapter 11 protection in federal bankruptcy court on October 12, according to the liquidators.