Duckwall-ALCO Cuts Exec Team
Abilene, Kan. Duckwall-ALCO Stores has terminated the positions of senior VP of store operations, senior VP of merchandising, VP and divisional merchandise manager for soft lines, and VP of marketing.
The company said the responsibilities of the eliminated positions will be assumed by other executives.
Duckwall-Alco said the move was part of a turnaround plan aimed at cutting costs and improving profitability.
"During our recent re-evaluation of plans for fiscal 2009, we recognized that reducing corporate staff is imperative,'' said Donny Johnson, interim CEO of Duckwall-ALCO Stores. “We are implementing a plan to cut expenses and improve operations, streamline the organization and strengthen our senior-management team. An analysis of the company's operations conducted jointly with the new board of directors and management has identified numerous opportunities for cutting costs and improving operations. These changes will strengthen the company and improve profitability, with the ultimate goal of dramatically improving shareholder value."