Content about ALCO Stores

September 5, 2014

Alco Stores on Friday said that its CEO of the past four years, Richard Wilson, has left the regional discounter by mutual agreement.

Coppell, Texas – Alco Stores on Friday said that its CEO of the past four years, Richard Wilson, has left the regional discounter by mutual agreement. Board director Stanley B. Latacha assumes the role of interim CEO, effective immediately. The changes were announced days after the discounter elected an entirely new slate of directors.

Latacha has more than 30 years of retail experience, including overseeing turnarounds at several chains, more recently Pamida.

December 18, 2013

Alco Stores reported a growing net loss during the third quarter of fiscal 2014 compared to the same period in the prior year.

Copperell, Texas – Alco Stores reported a growing net loss during the third quarter of fiscal 2014 compared to the same period in the prior year. Net loss totaled $16.4 million, compared to $1.4 million.

Results in the third quarter of fiscal 2014 included a non-cash charge of $9.8 million related to a valuation allowance on the company's cumulative deferred tax asset, and $1.1 million of non-recurring expenses attributable to merger activity.

October 22, 2013

Alco Stores, Inc. will voluntarily delist its common stock from the Nasdaq Stock Market on or about Oct. 31, 2013.

Coppell, Texas – Alco Stores, Inc. will voluntarily delist its common stock from the Nasdaq Stock Market on or about Oct. 31, 2013. The delisting of the company's shares is subject to stockholder approval of the proposed merger with an affiliate of Argonne Capital Group, LLC.

September 11, 2013

Alco Stores, Inc. is not accepting an acquisition proposal from Everbright Development Overseas, Ltd., Luis Chang and Mai Wong.

Coppell, Texas – Alco Stores, Inc. is not accepting an acquisition proposal from Everbright Development Overseas, Ltd., Luis Chang and Mai Wong. The Alco board of directors has determined that the proposal, tendered on Sept. 6, is not a superior proposal to a roughly $47 million offer the retailer received from Argonne Capital Group LLC on July 25.

August 16, 2013

Alco Stores reportedly has received a takeover bid from its largest shareholder, Everbright Development Overseas Ltd., which is larger than the bid it received on July 25 from Argonne Capital.

Abilene, Kan. – Alco Stores reportedly has received a takeover bid from its largest shareholder, Everbright Development Overseas Ltd., which is larger than the bid it received on July 25 from Argonne Capital. According to Reuters, the Everbright offer of $14.30 per share in cash values Alco at $46.6 million.

In contrast, the previous bid from Argonne offered $14 cash per share, or about $45 million. That offer included a clause allowing Alco to take rival bids through Aug. 23.

July 25, 2013

Alco Stores Inc. has entered into an agreement to be acquired by private investment firm Argonne Capital Group LLC.

Abilene, Kan. -- Alco Stores Inc. has entered into an agreement to be acquired by private investment firm Argonne Capital Group LLC.

The Atlanta-based Argonne will acquire all the outstanding share of Alco's common stock for $14 per share in cash. The proposed transaction, expected to close later year, would total about $47 million.

Alco's board of directors has unanimously approved the merger agreement and is recommending that shareholders approve it.

May 30, 2013

Alco Stores said Thursday that it has promoted Ricardo Clemente to senior VP human resources, store operations and loss prevention.

Abilene, Kan. -- Alco Stores said Thursday that it has promoted Ricardo Clemente to senior VP, human resources, store operations and loss prevention.

Clemente joined the chain in 2011 as a district manager, most recently serving as VP stores and human resources.

May 10, 2013

Discount retailer Alco Stores blamed the impact of cold weather across the Midwest for helping to produce sluggish sales performance during fiscal first quarter 2013.

Abilene, Kan. – Discount retailer Alco Stores blamed the impact of cold weather across the Midwest for helping to produce sluggish sales performance during fiscal first quarter 2013. Alco Stores reported sales of continuing operations excluding fuel of $116 million, up 0.9% from $114.9 million during the same period in 2012. Same-store sales excluding fuel were down 2.2%.

April 10, 2013

Alco Stores Inc. said Wednesday it is moving its corporate headquarters from Abilene, Kan., to a suburb of Dallas, citing the need to be “in a more metropolitan area.”

Abilene, Kansas -- Alco Stores Inc. said Wednesday it is moving its corporate headquarters from Abilene, Kan., to a suburb of Dallas, citing the need to be “in a more metropolitan area.”

The new Coppell, Texas offices will give the company easy access to many of its stores, other major retailers and transportation for its workers and business partners, CEO Rich Wilson said in a Wednesday statement.

The move is slated to occur in June.

 

January 9, 2013

ALCO Stores and Revionics Inc. announced a multi-year partnership, which will support optimal pricing decisions throughout ALCO’s 217 stores.

Abilene, Kansas -- ALCO Stores and Revionics Inc. announced a multi-year partnership, which will support optimal pricing decisions throughout ALCO’s 217 stores.

Revionics Life Cycle Price Optimization solutions and Analytic Solutions will enable ALCO to design and execute regional, localized pricing initiatives, timing of markdowns, promotional pricing and analysis of customer market baskets and key volume items.