COPPELL, Texas, Nov. 20, 2014 /PRNewswire/ -- 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.
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.
About Tiger Capital Group
Tiger Capital Group provides asset valuation, advisory and disposition services to a broad range of retail, wholesale, and industrial clients. With over 40 years of experience and significant financial backing, Tiger offers a uniquely nimble combination of expertise, innovation and financial resources to drive results. Tiger's seasoned professionals help clients identify the underlying value of assets, monitor asset risk factors and, when needed, provide capital or convert assets to capital quickly and decisively. Tiger's collaborative, straight-forward approach is the foundation for its many long-term 'partner' relationships and decades of success. Tiger maintains offices in New York, Los Angeles, Boston, San Francisco and Sydney. To learn more about Tiger, please visit www.TigerGroup.com.
About SB Capital Group, LLC
SB Capital Group, a Schottenstein affiliate, is a leader in the field of asset recovery, rescue finance, restructuring and strategic store closing events. With principals who are equity stakeholders in retail enterprises, consumer products, franchising, licensing and real property, SB Capital Group leverages resources and depth of experience to provide services with applicability across a wide spectrum of industries. Our participation in transactions that span the globe has solidified our reputation as one of the most creative and innovative financial service and asset realization firms in existence today. To learn more, please visit www.sbcapitalgroup.com.
About Great American Group, LLC
Great American Group, LLC is a leading provider of advisory and valuation services, asset disposition and auction solutions, commercial lending and real estate advisory services. Great American Group efficiently deploys resources with sector expertise to assist companies, lenders, capital providers, private equity investors and professional service firms in maximizing the value of their assets. It is a wholly owned subsidiary of B. Riley Financial, Inc. (OTCBB: RILY), consisting of an array of financial services companies including: B. Riley & Co., LLC, a leading full service investment bank providing corporate finance, research, and sales & trading to corporate, institutional and high net worth individual clients; and B. Riley Asset Management, a provider of investment products to institutional and high net worth investors. B. Riley Financial is headquartered in Los Angeles with offices in Atlanta, Boston, Charlotte, N.C., Chicago, Dallas, Melville and New York, N.Y., Newport Beach, Calif., Norwalk, Conn., San Francisco, and Munich. For more information about Great American Group, visit www.greatamerican.com or call 818-884-3737.
SOURCE Tiger Capital Group, LLC; SB Capital Group, LLC; Great American Group, LLC