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EXHIBIT 10.1

Narrative Summary of Board Action Establishing
Base Salaires for Fiscal 2006

On July 21, 2005, the Board of Directors of American Consumers, Inc. (the
"Company"), acting upon the recommendation of the Board's Compensation
Committee, set the base salaries for the Company's executive officers for the
fiscal year ending in May 2006. Such action included establishment of the
following base salaries for those executive officers who serve as directors of
the Company (Mr. Richardson also qualifies as a "named executive officer"
pursuant to Item 402(a)(3) of Securities and Exchange Commission Regulation
S-K):

Name:
Title:
Annual Base Salary:
     
Michael A. Richardson
Chairman of the Board, President and Chief Executive Officer
$88,400
     
Paul R. Cook
Executive Vice President, Treasurer and Chief Financial Officer
66,976
     
Virgil E. Bishop
Vice President
66,976

These base salaries remained unchanged from fiscal year 2005 levels.
 

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