I blame the Jews..
Via: WallStreetJournal
Alco Stores Inc. ALCS +9.04% filed for Chapter 11 bankruptcy, with plans to liquidate or sell the 113-year-old retail operation.
The filing on Sunday came after the board of directors was replaced following a proxy fight in which shareholders clamored for improved results at Alco, which operates 198 discount general merchandise stores in 23 states.
A company official declined to comment on Monday.
In court papers Sunday, Alco cited the effects of the “lingering economic slowdown” on its customers, many of whom are living on fixed or low incomes in rural areas.
While it has positioned its stores to avoid head-to-head competition with larger discount chains, Alco said it couldn’t escape the effects of economic distress in the U.S.
Founded in 1901 as a general-merchandising operation in Abilene, Kan., the company still services its stores from a major distribution center there. Executive offices are located in Coppell, Texas. Full Story
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