Strongbow Capital head named to Duckwall-Alco board

By Lisa Kerner

Charlotte, N.C., March 10 - Duckwall-Alco Stores, Inc. investors led by Strongbow Capital, Ltd. announced that Warren H. Gfeller and Robert L. Ring have resigned from the company's board of directors.

The remaining five board members elected Royce Winsten as chairman and appointed Strongbow chairman Raymond A.D. French and James G. Hyde to the Board.

Duckwall-Alco said Patrick G. Doherty, French, Hyde, Dennis E. Logue, Lolan Mackey, Dennis A. Mullin and Winsten will constitute the slate of directors nominated by the company for election at the company's 2008 annual meeting.

As a result, Strongbow no longer intends to nominate a slate for election, according to a schedule 13D filing with the Securities and Exchange Commission.

On March 4, Strongbow and its affiliates pushed for an immediate change in Duckwall-Alco's leadership and requested that the company's board of directors:

• Immediately replace Gfeller with Royce Winsten as chairman of the board;

• Immediately obtain the resignations of Gfeller and Ring from the board; and

• Fill the resulting board vacancies with individuals recommended by Strongbow, including Strongbow chairman Raymond A.D. French.

Strongbow owns 543,517 shares, or 14.3%, of the Abilene, Kan.-based discount retailer's outstanding stock.

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