Great American Group Named ALCO Stores Stalking Horse Bidder
Great American Group has been selected as a stalking horse bidder in the potential liquidation of ALCO Stores.
Texas-based ALCO Stores operates 198 general merchandise discount stores in 23 states. The company filed for Chapter 11 bankruptcy protection October 13, 2014 and is seeking to find a going concern buyer of the business. If ALCO is unsuccessful in securing a buyer of the business, a bankruptcy auction will take place in mid-November 2014 with Great American Group along with joint venture partners SB Capital and Tiger Capital selected as the stalking horse bidder.
“Great American has extensive experience working with very large retailers and creditors in handling complicated and sensitive situations such as the ALCO assignment,” said Scott Carpenter, president of GA Retail Solutions. “Great American is a leading provider of asset disposition and auction solutions, advisory and valuation services, capital investment, and real estate advisory services.”
Since the combination of Great American and B. Riley in June of this year, the two groups have been actively working together to identify new business opportunities, said Bryant Riley, Chairman of both the combined company and of broker dealer B. Riley & Co. In addition to increased activity in the liquidation business, the synergies between Great American and B. Riley have presented opportunities in the auctions business, GA Capital, appraisals, real estate assignments and capital markets engagements.
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Previously on abfjournal: Alco Stores Files Bankruptcy; Owes Wells Fargo Group $93.5MM, October 14, 2014