ALCO to liquidate assets
by Pinedale Online!
November 19, 2014
ALCO stores will begin their "going out of business" process as of today’s word from the bankruptcy court that their assets have been purchased by their stalking horse liquidator. The company, ALCO Stores Inc, filed for Chapter 11 Bankruptcy on October 12th.
The company operates 198 stores in 23 states throughout the U.S., including four in Wyoming. One of the stores is located south of Pinedale. That store opened in May of 2012. The company owns five of the store locations and leases the remaining 193 locations. The company’s stores are located in smaller markets not served by other regional or national broad line retail chains.
Pinedale Store Manager Jason Abercrombie posted on the Pinedale ALCO store Facebook page, "In short, even though your Pinedale ALCO has been a positive contributor to the company’s bottom line and we fill many needs of our Sublette community, we are part of one whole. We will be starting a "going out of business" or similarly themed event in the next couple days as we begin the liquidation process."
Changes were put in effect immediately at the stores as the result of the sale of the company to the liquidator. Customers will no longer accumulate points towards rewards coupons. The Pinedale store is still honoring all coupons that customers may have. There will be no more rain checks, special orders or layaways. The stores will conduct closing sales and liquidate the assets. According to the bankruptcy documents, the company needs to have their store sales complete and vacate the premises of each store by January 31, 2015.
Abercrombie said, "Having worked more than 18 years within several retail settings, I can truly say that this has been the best staff and the best community I have had the honor to be part of. Thank you for the wonderful time that we have had together."