GREAT NECK, New York – October 21, 2014 – A joint venture consortium including SB Capital Group, LLC, has been chosen as the stalking horse bidder for an auction to be held in the event of liquidation by ALCO Stores, Inc. of Coppell, Texas. If successful at auction, SB Capital Group and partners would conduct “Store Closing” or “Going Out of Business” sales at ALCO stores slated to close.
ALCO Stores, Inc. (Nasdaq: ALCS) and its subsidiary, ALCO Holdings, Limited Liability Company, filed for Chapter 11 bankruptcy protection on October 12, 2014 in the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division. ALCO is seeking a “going concern” buyer to continue operating the business, but if unsuccessful, will hold a liquidation auction November 19th.
ALCO, founded in 1901 and currently headquartered in suburban Dallas, is a broad-line retailer primarily serving small underserved communities across 23 states. Providing a selection of products for everyday life in small-town America, ALCO’s 198 stores offer name brand and private label items at reasonable prices.
SB Capital Group, LLC, 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 across a wide spectrum of industries.