Alco Stores Files for Bankruptcy
Texas-based discounter Alco Stores Inc. filed for bankruptcy, joining the list of smaller U.S. retailers seeking protection from creditors. The 113-year-old company, blaming a "lingering economic slowdown" for its predicament, said it hoped to sell better-performing stores while liquidating the rest. Alco, based in Coppell, Texas, caters mostly to fixed and low-income customers in rural areas in 23 states. The company has 198 stores and 3,000 employees.