Duckwall-ALCO completes new credit facility

Abilene, Kan. Duckwall-ALCO Stores announced 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 its previous $105 million revolving credit facility.

As of fiscal year end Jan. 31, 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 VP and CFO of Duckwall-ALCO Stores. "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."