News : Alco announces going out of business sales at all locations, including Vinton

On Wednesday, we passed on the news of the closing of the Alco store in Vinton.

On Thursday, the company issued the following press release about the liquidation sale that begins today:

After 113 years, Alco Stores (OTC-PINK: ALCSQ), a discount retailer focused on serving consumers in smaller communities with limited access to other regional or national retail chains, is closing its doors forever.

The U.S. Bankruptcy Court in Dallas approved an order today authorizing Tiger Capital Group LLC, SB Capital Group LLC and Great American Group LLC to conduct "Going Out Of Business" sales in each of Alco's 198 locations in 23 states. More than $260 million of inventory, fixtures and equipment will be liquidated during the sale, which begins Friday, November 21.

"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," noted 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."

On October 12, 2014, Alco filed for Chapter 11 protection in federal bankruptcy court, Northern District of Texas, case no. 14-34941.

"This event will offer consumers in Alco's small-town markets a once-in-a-lifetime opportunity to get extraordinary discounts on food and snack items, apparel and footwear for the family, housewares, health and beauty aids, hardware, electronics, seasonal items, toys, sporting goods, and so much more," said Scott Bernstein, Chief Operating Officer of SB Capital Group. "This Going-Out-of-Business Sale is timed as such that Alco's many loyal customers will realize significant savings as they do their holiday shopping."

The Going-Out-of-Business Sale will offer discounts off Alco's already everyday, low prices, with storewide savings off the lowest, ticketed price. Current markdowns and clearance items will also have additional discounts. The sale will continue until all merchandise has been sold.

"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. For a list of locations, go to:http://www.alcostores.com/about_us. All stores will maintain their normal business hours during this liquidation sale. Cash and major credit cards will be accepted.