Going-out-of-business sales began Friday at all Alco stores.
Alco, a discount variety chain based in Coppell, Texas, filed for Chapter 11 bankruptcy protection in October. The court on Thursday authorized Tiger Capital Group, SB Capital Group and Great American Group to conduct liquidation sales at all 198 Alco locations, which will continue until all merchandise has been sold. In addition to the liquidation of merchandise inventories, fixtures and equipment from all stores and assets from the company’s 352,000-square-foot distribution center in Abilene, Kan., will also be sold.
“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,” said Daniel Kane, managing member of Tiger Capital Group. “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.”
“We know that thousands of shoppers rely on Alco for daily essentials such as groceries, housewares and domestics,” added Scott Carpenter, president of Great American Group’s retail solutions division. “We’ll keep these essentials fully stocked for a limited time as we sell through all of the existing merchandise at discounted prices.”
Alco stores, which average 25,000 square feet in size, are located in Arizona, Arkansas, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Ohio, Oklahoma, South Dakota, Texas, Utah, Wisconsin and Wyoming.
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