Alco Stores, with locations in Greenville and Hillsboro, has announced that the company and its subsidiaries have filed voluntary petitions for Chapter 11 bankruptcy. Officials say they expect to continue to operate their businesses as “debtors-in-possession”.
Part of the filing includes plans to liquidate assets or sell the business, however no specific plan was mentioned for the future of any of its stores. The company operates 198 stores in 23 states and has been in business since 1901.
Alco has also announced $110,000 in revolving credit and a $12,675,000 loan, which will be used to “repay certain pre-petition obligations”.
WGEL contacted an Alco corporate spokesperson last week for more information, but have received no response to our inquiry.