<PAGE>
                                                               Exhibit 10(o)
Collateral Assignment of Deposit



    The undersigned, American Consumers, Inc. (hereinafter collectively and/or
individually referred to as "Pledgor"),  for value received and in consideration
of extensions of credit as may from time to time be made by Wachovia Bank of
Georgia, N.A. (hereinafter referred to as "Lender"), a national banking
association (hereinafter referred to as "Bank") or by any entity or entities now
or hereafter directly or indirectly controlled by Wachovia Corporation or any
successor (hereinafter referred to as "Bank's Affiliates" and Bank and Bank's
Affiliates hereinafter collectively and/or individually, as the context shall
require, referred to as "Lender") to Pledgor, either directly or indirectly,
and/or _______________________________________________ (hereinafter collectively
and/or individually referred to as "Borrower") and to secure any existing or
future indebtedness, liability or obligation whatsoever of Pledgor and/or
Borrower to Lender, whether absolute or contingent, and whether incurred as
principal, maker, endorser, surety, account party or otherwise (hereinafter
collectively referred to as the "Obligations"), Pledgor hereby transfers, sets
over,   assigns and conveys to Lender, and grants Lender a security interest in
Certificate of Deposit account number 6139539 standing in the Pledgor's name on
the books of Wachovia Bank of Georgia, N.A. (hereinafter referred to as
"Financial Institution") and all Pledgor's right, title, equity and interest
therein including, without limitation, all interest now or hereafter accruing
thereon, together with any renewals, replacements and/or substitutions thereof,
or any portion thereof and any deposits hereafter made therein or in any
renewals, replacements and/or substitutions thereof and any and all proceeds of
the foregoing (hereinafter collectively referred to as the "Collateral"). 
Pledgor hereby delivers all evidence of the foregoing Collateral to Bank and/or
Bank's Affiliates, as requested. Pledgor hereby irrevocably constitutes and
appoints each Lender its attorney in fact to transfer said Collateral on the
books of such Financial Institution, with full power of substitution and
transfer, including full power and authority to demand and receive such
Collateral, or to transfer it into Lender's name.

    Pledgor agrees that all or any part of the Collateral, including any
interest accrued thereon, may be redeemed, appropriated and applied to the
payment of the Obligations (even if such application and redemption shall result
in a penalty for early withdrawal), whether or not the Obligations or any part
thereof is due or payable.

    In the event a Borrower is named in the first paragraph, Pledgor consents
that, at any time, and from time to time, either with or without consideration,
the whole or any part of any security now or hereafter held for any Obligations
may be exchanged, compromised, or surrendered; the time or place of payment of
any Obligations or of any security thereof may be changed or extended, in whole
or in part, to a time certain or otherwise, and may be renewed or accelerated,
in whole or in part; Borrower may be granted indulgences generally; any of the
provisions of any note or other instrument evidencing any Obligations or any
security therefor may be modified or waived; any party liable for the payment
thereof may be granted indulgences or released; the death, termination of
existence, bankruptcy, insolvency, incapacity, lack of authority or disability
of Borrower or any endorser, surety or guarantor of the Obligations (hereinafter
collectively and/or individually referred to as "Obligor") shall not affect the
obligations of Pledgor hereunder and no claim need be asserted against the
personal representative, guardian, custodian, trustee or debtor in bankruptcy or
receiver of any deceased, incompetent, bankrupt or insolvent Borrower or
Obligor; any deposit balance to the credit of Borrower, Obligor or any party
liable upon any security therefor may be released, in whole or in part, at,
before and/or after the stated, extended or accelerated maturity of any
Obligations; and Lender may release, discharge, compromise or enter into any
accord and satisfaction with respect to any collateral for the Obligations, or
the liability of Borrower or Obligor, all without notice to or further assent by
Pledgor, who shall remain bound hereon, notwithstanding any such exchange,
compromise, surrender, extension, renewal, acceleration, modification,
indulgence, release, discharge or accord and satisfaction. Further, Pledgor
expressly waives: (i) notice of acceptance of this Agreement and all extensions
or renewals of credit or other financial accommodations to Borrower; (ii)
presentment and demand for payment of any of the Obligations; (iii) protest and
notice of dishonor or of default to Borrower, Obligor or to any other party with
respect to any of the Obligations or with respect to any security therefor; (iv)
any invalidity or disability in whole or in part at the time of the acceptance
of, or at any time with respect to, any security for the Obligations or with
respect to any party primarily or secondarily liable for the payment of the
Obligations to Lender; (v) the fact that any security for the Obligations may at
any time or from time to time be in default or be inaccurately estimated or may
deteriorate in value for any cause whatsoever; (vi) any diligence in the
creation or perfection of a security interest or collection or protection of or
realization upon the Obligations or any security therefor, any liability
hereunder, or any party primarily or secondarily liable for the Obligations or
any lack of commercial reasonableness in dealing with any security for the
Obligations; (vii) any duty or obligation on the part of Lender to ascertain the
extent or nature of any security for the Obligations, or any insurance or other
rights respecting such security, or the liability of any party primarily or
secondarily liable for the Obligations, or to take any steps or action to
safeguard, protect, handle, obtain or convey information respecting, or
otherwise follow in any manner, any such security, insurance or other rights;
(viii) any duty or obligation of Lender to proceed to collect the Obligations
from, or to commence an action against, Borrower, Obligor, or any other person,
or to resort to any security or to any balance of any deposit account or credit
on the books of Lender in favor of Borrower, Obligor, or any other person,
despite any notice or request of Pledgor to do so; (ix) any rights of Pledgor,
if any, pursuant to Official Code of Georgia Section 10-7-24 or any similar or
subsequent law; (x) all other notices to which Pledgor might otherwise be
entitled; (xi) any defense as to invalidity or unenforceability of any
Obligation; and (xii) any other legal or equitable defenses whatsoever to which
Pledgor might otherwise be entitled. In addition, Pledgor hereby agrees and
acknowledges that Lender, Borrower and Obligor have not made any representations
or warranties with respect to: (i) Borrower or Obligor or the financial
condition or solvency of Borrower or Obligor, or (ii) the value or nature of any
collateral in which the Lender may have been granted a security interest.

    This Collateral Assignment shall be in full force and effect until all of
the Obligations to Lender have been indefeasibly paid in full and such payments
are no longer subject to recission, recovery or repayment upon the bankruptcy,
insolvency, reorganization, moratorium, receivership or similar proceeding
affecting Borrower or Obligor, and Lender shall not be obligated to extend any
further Obligations and has terminated the Agreement in writing.

<PAGE>


This Collateral Assignment shall be governed by and construed and interpreted in
accordance with the laws of the State of Georgia.

    IN WITNESS WHEREOF, the Pledgor has caused this Collateral Assignment to be
executed under seal this 19th day
of May, 1997 .

If Pledgor is a corporation:                American Consumers. Inc.
                                            ------------------------
                                            Name of Corporation
(Corporate Seal to be affixed here)

Attest:  ______________________________  By:  /s/ MICHAEL A. RICHARDSON
                                            ------------------------------
                                            Title:  President


If Pledgor is a partnership:
                                             ____________________________ (SEAL)
                                                 Name of Partnership


                                            By:  ________________________
                                                 General Partner

                                            By:  ________________________
                                                 General Partner

If Pledgor is an individual/sole proprietor:

_______________________________________       ___________________________ (SEAL)
    Pledgor's Social Security Number             Signature

_______________________________________      ____________________________ (SEAL)
    Pledgor's Social Security Number             Signature


                            ACKNOWLEDGEMENT OF ASSIGNMENT
                                           
    The Undersigned consents to, acknowledges and accepts service of the above
and foregoing assignment, and agrees to make payments to Wachovia Bank of
Georgia, N.A. in accordance with the terms of said assignment, and the
undersigned recognizes and accepts the above assignment as valid and binding
upon the undersigned.
    The value of said account on the undersigned's books as of
_________________, is $_____________________________ and there have been no
withdrawals since that date. The undersigned's records do not disclose any liens
or claims of any kind against said account except
_________________________________________.

    This __________ day of ________________________, ____________.


                                            ___________________________________


                                            By:  ______________________________
                                                 Title
                                  
                                            By:  ______________________________
                                                 Title

                                            (SEAL)

                                RELEASE OF ASSIGNMENT
                                           
    The foregoing assignment is hereby released as of the __________ day of
__________, ____.

                                            Wachovia Bank of Georgia, N.A.

                                            By:  ______________________________
                                                 Title

<PAGE>

Collateral Substitution
Agreement

    This Collateral Substitution Agreement entered into by and between American
Consumers, Inc. (hereinafter the "Borrower") and Wachovia Bank of Georgia, N.A.
(hereinafter the "Lender")


    WHEREAS, Borrower did on the 21st day of 0ctober , 1996, execute and
deliver to Lender a promissory note in the original Principal amount of Eight
Hundred Thousand and 00/100 -- DOLLARS, maturing on 0ctober 1, 1997 (hereinafter
the "Note") secured by certain collateral, a portion of which is as follows:

    Wachovia Bank of Georgia,. N.A. Certificate of Deposit #6139585

 (hereinafter the "Collateral"); and

    WHEREAS, Borrower now requests that Lender release the Collateral and
hereby acknowledges receipt of the same, and that the following property be
substituted in its place, the receipt of which is hereby acknowledged by Lender:

    Wachovia Bank of Georgia, N.A. Certificate of Deposit #6139539

 (hereinafter the "New Collateral").

    NOW THEREFORE, in consideration of $1.00 in hand paid by the Borrower to
the Lender, receipt of which is hereby acknowledged, and in further
consideration of the mutual covenants and agreements between the parties hereto,
it is agreed that:

    1.  The Collateral be and is hereby released upon delivery by Borrower to
Lender of the New Collateral, which is substituted in the place and stead of the
originally pledged collateral.

    2.  The New Collateral is the Borrower's property and title to it is vested
in Borrower and Borrower makes the same representations as to the New Collateral
as if it had been originally pledged as security for payment of the Note and the
New Collateral is and shall be subject to each and every term and condition of
the Note and of any security agreement executed in connection therewith, if
applicable, as if the New Collateral had been pledged as security for the
payment of the Note at the time of its execution and delivery.

    3.  Borrower will sign such financing statement or statements, in form
satisfactory to Lender, which Lender may at any time wish to file in order to
perfect or maintain perfection of its security interest in the New Collateral or
any other property at any time hereafter pledged by Borrower to Lender and shall
reimburse Lender for the costs of filing same. Borrower will execute and/or
deliver to Lender any instrument, invoice, document, assignment or other writing
or do such other acts which may be necessary or appropriate, in the sole
judgment of Lender, to carry out the terms of this Agreement, and to perfect its
security interest in and facilitate the collection of the New Collateral, the
proceeds thereof, and any other property constituting security to Lender.

    IN WITNESS WHEREOF, Borrower and Lender have caused this Agreement to be
signed and sealed, as of the day and year first above written.



If Borrower is an individual/sole proprietor:    _______________________ (SEAL)

                                                 _______________________ (SEAL)



                        (Execution continues on reverse side.)

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    If Borrower is a corporation:           American Consumers, Inc.
                                             -----------------------------------
                                            Name of Corporation

(Corporate seal to be affixed here)         By:  /s/  MICHAEL A. RICHARDSON
                                                      Title  President

                                            Attest:  /s/  REBA SOUTHERN
                                                      Secretary




If Borrower is a partnership:             ________________________________(SEAL)
                                            Name of Partnership

                                  
                                            By:                           
                                                ------------------------        
                                                 General Partner


                                            By:                           
                                                ------------------------        
                                                 General Partner



                                            Wachovia Bank of Georgia, N.A.


                                            By:  /s/   T. ERNEST HARRIS
                                                --------------------------
                                                      Title:  Vice President