ABILENE, Kan., May 26, 2005 (PRIMEZONE) -- Duckwall-ALCO Stores, Inc. (Nasdaq:DUCK) announced today at the company's annual meeting that its shareholders elected Dennis E. Logue to its Board of Directors and re-elected the current five independent directors. All Board members are elected for a one-year term.
Dr. Logue, received his Ph.D. from Cornell University, completed his undergraduate degree at Fordham and his M.B.A. at Rutgers. He currently serves as Dean and Fred E. Brown Chair for the Michael F. Price College of Business at the University of Oklahoma. Prior to joining Price College in 2001, he served as a Professor at Dartmouth College for more than 25 years. Earlier in his career, Dr. Logue taught at Indiana University. He also worked as an International Economist at the U.S. Treasury.
Dr. Logue is the author or co-author of more than eighty professional papers on a wide variety of financial topics. He has also authored or co-authored five books on pension plans, edited several anthologies and serves on the editorial boards for a number of scholarly journals. He is a past President and a Fellow of the Financial Management Association and a past Director of the American Finance Association.
"We are pleased to have Dennis as a Director on our Board," said Warren Gfeller, Chairman of Duckwall-ALCO Stores' Board of Directors. "Dennis was introduced to us by one of our major shareholders. We have made a conscious decision to have our Board comprised entirely of independent directors, and we look forward to the fresh and valuable perspective Dennis brings to our company."
Shareholders re-elected independent directors Warren H. Gfeller, Chairman, Dennis A. Mullin, Lolan C. Mackey, Jeffrey J. Macke, and Robert L. Ring.
About Duckwall-ALCO Stores
Duckwall-ALCO Stores, Inc. is a leading regional retailer that specializes in offering a wide variety of products at reasonable prices to the underserved communities of America. Founded in 1901 by A.L. Duckwall as a general merchandising operation in Abilene, Kan., Duckwall-ALCO is known for its convenient locations and for its friendly, personal service. The company has 252 stores in 21 states across the central United States, operating under two names, ALCO and Duckwall. ALCO discount stores offer a full line of merchandise, while Duckwall variety stores serve smaller communities, offering a smaller selection.
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 quarterly 10-Q filings and other public documents, copies of which are available from the Company on request.