Tiger Group, Others to Liquidate Alco Stores in GOB Sale
Alco Stores, 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 authorizing Tiger Capital Group, SB Capital Group and Great American Group 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 continue until all merchandise has been sold.
In addition to the liquidation of merchandise inventories, fixtures and equipment from all 198 stores, assets from the company’s 352,000-square-foot distribution center in Abilene, Kansas will also be sold.
Previously on abfjournal: Great American Group Named ALCO Stores Stalking Horse Bidder, October 23, 2014