Duckwall-ALCO Stores Completes New Credit Facility
Abilene, Kan. Duckwall-ALCO Stores has closed on a new $105 million three-year revolving credit facility with Bank of America, N.A. and Wells Fargo Retail Finance, LLC.
This facility replaces the company’s previous revolving credit facility of $70 million. During its fiscal year ending Feb. 3, 2008, the company has had maximum borrowings under its revolving credit facility of approximately $55 million. As of Dec. 30, 2007, the company had $15.1 million borrowed under its revolving credit facility.
As the company looks to open up to 25 new stores during 2009, the new revolving credit facility or a similar mid-term fixed rate financing structure are possible sources to the company for meeting such needs.