Dive Brief:
- Alco is closing its 198 stores in 23 states, according to Progressive Grocer.
- The discount retailer filed for bankruptcy last month, and is liquidating over "$260 million in inventory, fixtures and equipment."
- “Unfortunately, many of Alco's small-town customers were disproportionately impacted by the slow economy. These economic factors ultimately led to the difficult decision to liquidate all of Alco's assets," Daniel Kane of Tiger Capital Group said.
Dive Insight:
This will have an impact on close to 3,000 employees. Scott Carpenter, the president of Great American Group's Retail Solutions sector, said they know "thousands of shoppers" count on the "groceries, housewares and domestics" the stores sold. "We'll keep these essentials fully-stocked for a limited time as we sell through all of the existing merchandise at discounted prices," said Carpenter.