Alco Stores Inc. Files For Bankruptcy

Shares of Alco Stores Inc. ALCO have plummeted Monday morning following the company’s announcement of Chapter 11 bankruptcy filed on Sunday.

Alco shares closed Friday’s session at $1.65 and are currently trading at $0.49 down 70 percent.

Within the legal documents, company executives cite the "lingering economic slowdown" as the cause for bankruptcy.

The company plans to liquidate or sell the 113 year-old retail operation.

Wells Fargo which owns a large portion of the Alco Stores debt; has offered bankruptcy financing to keep the stores healthy during the Chapter 11 proceeding.