Duckwall-ALCO Stores Completes New Credit Facility
February 16 2010 - 9:43AM
Duckwall-ALCO Stores, Inc. (Nasdaq:DUCK)
announced today that the Company has closed on a new $120 million
four-year revolving credit facility with Bank of America, N.A. and
Wells Fargo Retail Finance, LLC.
The new facility is available to the Company for financing
working capital assets, including the purchase of inventory and
equipment during the ordinary course of business. The facility is
also available to the Company for acquisitions and other general
corporate purposes. This facility replaces the Company's previous
$105 million revolving credit facility. As of fiscal year end
January 31, 2010, the Company had $35.2 million borrowed under its
previous revolving credit facility.
"We are very pleased to continue our strong banking relationship
with Bank of America and Wells Fargo," said Donny Johnson,
Executive Vice President and Chief Financial Officer. "This new
four-year revolving credit facility gives us the financial
flexibility to be able to execute on our strategic plans during
what has become a very challenging time for retailers."
About Duckwall-ALCO Stores, Inc.
Duckwall-ALCO Stores, Inc. is a regional broad line retailer
that specializes in meeting the needs of smaller, underserved
communities across 23 states, primarily in the central United
States. The Company offers an exceptional selection of quality
products and recognized brand names at reasonable prices. Its
specialty is delivering those products with the friendly, personal
service its customers have come to expect. With 258 stores,
Duckwall-ALCO Stores is proud to have continually provided
excellent products at good value prices to its customers for 109
years. To learn more about Duckwall-ALCO Stores, Inc., visit
www.ALCOstores.com.
The Duckwall-ALCO Stores, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5865
Forward-looking statements
This press release contains forward-looking statements, as
referenced in the Private Securities Litigation Reform Act of 1995
("the Act"). Any forward-looking statements are made by the Company
in good faith, pursuant to the safe-harbor provisions of the Act.
These forward-looking statements reflect management's current views
and projections regarding economic conditions, retail industry
environments, and Company performance. Factors which could
significantly change results include but are not limited to: sales
performance, expense levels, competitive activity, interest rates,
changes in the Company's financial condition, and factors affecting
the retail category in general. Additional information regarding
these and other factors may be included in the Company's 10-Q
filings and other public documents, copies of which are available
from the Company on request and are available from the United
States Securities and Exchange Commission.
CONTACT: Duckwall-ALCO Stores, Inc.
Donny R. Johnson, Executive Vice President - Chief
Financial Officer
785-263-3350 X164
djohnson@ALCOstores.com
Hagen and Partners
Debbie Hagen
913-652-6547
dhagen@hagenandpartners.com
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