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ALCO Stores Inc. filed Chapter 11 bankruptcy on Oct. 12 and is looking to sell its 198 stores in 23 states as part of the reorganization. Tiger Capital Group, Great American Group and SB Capital Group are acting as “Stalking Horse Liquidators.”
In its Q2 financials released last month, the Coppell, Texas-based chain reported a 6 percent decrease in net sales compared to the previous year, accounting for $110.7 million. Net same-store sales also declined $10.3 million, or 8.9 percent. Gross margin from continuing operations dropped $5.7 million, or 15.3 percent.
At the time of the financials release, the board of directors had been in place for only three weeks and was looking at all strategic alternatives for the company, including the subsequent bankruptcy filing.
ALCO operates mainly in rural communities with populations less than 16,000 people that often are not served by national or regional chains.