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Duckwall-ALCO changes board


ABILENE, Kan. Duckwall-ALCO Stores today reported that it has resolved the threatened proxy contest with Strongbow Capital, Strongbow Capital Management and Raymond French. As a result, Warren Gfeller and Robert Ring have resigned from the company's board of directors, and the remaining five board members have elected Royce Winsten as chairman of the board.

Duckwall-ALCO said that pursuant to the resolution of the threatened proxy contest, the board has appointed Raymond French and James Hyde to the board of directors, effective immediately.

With these changes, to the composition of the board, Strongbow Capital and French have advised the board they do not intend to pursue a proxy contest at the company's 2008 annual shareholders meeting, Duckwall-ALCO reported.

Winsten commented on the changes, "The board would like to thank Warren Gfeller and Bob Ring for their time, energy and service to the board. As Duckwall-ALCO passes through a time of transition following changes in leadership at the board and ceo levels, our directors are working closely with management to support and enable the actions needed to maximize performance and shareholder value."

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