FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

STRONGBOW CAPITAL LTD 		2. Issuer Name and Ticker or Trading Symbol

DUCKWALL ALCO STORES INC [ DUCK ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      __ X __ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

89 NEXUS WAY, CAMANA BAY 		3. Date of Earliest Transaction (MM/DD/YYYY)

12/17/2010
(Street)

GRAND CAYMAN, E9 KY1-9007
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock, par value $0.0001   12/17/2010     J (1)    38327   D $0   (1) 505190   D   (2)  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Explanation of Responses:
( 1)  The investors in Strongbow Capital, Ltd. ("Strongbow"), have approved the series of transactions in which all the shares of Common Stock of Duckwall-ALCO Stores Inc. owned by Strongbow are being distributed to the investors in Strongbow pro rata in proportion to their ownership of Strongbow capital stock. 38,327 of these shares have been distributed to Strongbow investors, and the balance of the shares are expected to be distributed to the Strongbow investors by the end of this month.
( 2)  Strongbow Capital Management, Ltd. acts as an investment manager to Strongbow Capital, Ltd. Strongbow Capital Management, Ltd. is the sole owner of the voting shares of Strongbow Capital, Ltd. and is the controlling entity of Strongbow Capital, Ltd. Raymond A.D. French is a director of Strongbow Capital, Ltd. and is the controlling person of Strongbow Capital Management, Ltd.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
STRONGBOW CAPITAL LTD
89 NEXUS WAY
CAMANA BAY
GRAND CAYMAN, E9 KY1-9007
X

Strongbow Capital Management, Ltd.
89 NEXUS WAY, CAMANA BAY
GRAND CAYMAN, E9 
X

FRENCH RAYMOND A D
19 THE ELMS, LAZAYRE ROAD
RAMSEY, ISLE OF MAN IM8 2TZ, X0 
X


Signatures
/s/ RAYMOND A. D. FRENCH 12/17/2010
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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