UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): ~~May~~July 20, 2010

AMERICAN CONSUMERS, INC.

(Exact name of registrant as specified in its charter)

Georgia	0-5815	58-1033765
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

55 Hannah Way, Rossville, Georgia	30741
(Address of principal executive offices)	(zip code)

Registrant’s telephone number, including area code: (706) 861-3347

	N/A
	(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.03.

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On ~~May~~July 2120, 2010, ~~American Consumers, Inc. (~~the “Company”) ~~and~~executed ~~Gateway~~a ~~Bank~~new ~~and~~$45,000 ~~Trust~~promissory ~~Company~~note (the “~~Lender~~Note”) ~~executed~~to ~~documents,~~provide ~~dated~~financing asfor ~~of May 20, 2010, to effect~~ a ~~one~~portion ~~year renewal~~ of the ~~Company’s~~ $~~800~~58,~~000~~161 ~~revolving~~purchase ~~line~~and ofinstallation ~~credit,~~cost ~~pursuant~~for tonew ~~which~~hand-held ~~the~~price ~~Company~~scanning isguns ~~required~~that ~~to make monthly interest only payments on~~ the ~~outstanding~~Company ~~balance,~~had ~~and~~ to ~~repay~~purchase ~~outstanding~~to ~~principal~~replace ~~and~~older, ~~accrued~~refurbished ~~interest by May 20~~equipment, ~~2011,~~in ~~provided~~order ~~that~~to maintain the ~~Company~~necessary ~~remains in~~ compliance with the ~~terms~~Payment ofCard ~~the~~Industry ~~loan. Borrowings~~Data ~~under~~Security ~~the~~Standard ~~revolving~~(“PCI ~~line~~compliance”) offor ~~credit bear interest at an annual rate equal to~~ the ~~Wall~~processing ~~Street~~of ~~Journal~~debit ~~prime~~and ~~rate,~~credit ~~subject~~card ~~to a minimum annual interest rate of 6~~transactions.~~0%.~~ InThe ~~conjunction~~remaining ~~with~~cost ~~this~~of ~~annual renewal,~~ the ~~Company~~equipment ~~and~~was ~~the~~funded ~~Lender~~from ~~also~~working ~~executed~~capital. The aNote ~~new~~was ~~Business~~entered ~~Loan~~into ~~Agreement dated as of May 20, 2010,~~ with ~~terms substantially identical to those of~~ the ~~prior~~Company’s ~~Business~~principal ~~Loan Agreement~~lender, ~~dated~~Gateway ~~April~~Bank ~~25,~~& ~~2008,~~Trust ~~between the~~ Company ~~and the Lender~~(“Gateway”).

The ~~line~~Company ofpaid ~~credit~~origination ~~contains~~fees ato ~~borrowing~~Gateway ~~base~~of ~~provision~~$450 ~~which~~in ~~limits~~connection ~~the~~with ~~maximum~~this ~~outstanding~~funding. The ~~indebtedness~~Note tomust ~~forty~~be ~~percent~~repaid in thirty-six (~~40%~~36) ofmonthly ~~the~~payments ~~value~~ of ~~the~~$1,381.34, ~~Company’s~~beginning ~~inventory,~~on asAugust ~~measured~~20, on2010 awith ~~quarterly~~final ~~basis. As~~payment ofdue ~~May~~on July 20, ~~2010~~2013, ~~the~~bears ~~Company~~interest ~~had~~at ana ~~outstanding~~fixed ~~balance~~rate of ~~$800~~6.5% per annum,~~000~~ ~~for~~and ~~borrowings~~is ~~under~~secured ~~the~~by ~~revolving~~a ~~line~~first ofpriority ~~credit,~~lien ~~leaving~~on $0the ~~available~~new equipment in addition to bebeing ~~borrowed~~cross-collateralized asand ofcross-defaulted ~~such~~with ~~date~~the Company’s other existing indebtedness to Gateway. AsIt itincludes ~~has~~affirmative ~~done~~and innegative ~~the~~covenants ~~past,~~and ~~the~~Events ~~Company~~of ~~generally~~Default ~~will~~which ~~utilize~~are ~~the~~customary ~~proceeds~~for ~~from~~this ~~borrowings~~type ~~under~~of indebtedness and the ~~revolving~~related ~~line~~security ofdocuments ~~credit~~require tothe ~~fund~~Company ~~working~~to ~~capital~~provide ~~requirements,~~insurance ~~including~~on ~~inventory~~the ~~purchases~~equipment.

The ~~Company~~foregoing ~~paid~~description ~~closing costs in the amount~~ of ~~$750 to~~ the ~~Lender~~Note inand ~~conjunction with this annual renewal of~~ the ~~revolving~~related ~~line of credit. Borrowings under the revolving line of credit are collateralized by a~~ security ~~interest~~documents inis ~~the~~qualified ~~Company’s $300,000 certificate of deposit with the Lender and~~ by areference ~~security~~to ~~interest in substantially all of~~ the ~~Company’s~~full ~~accounts~~text ~~receivable, inventory, machines and equipment, furniture and fixtures, and proceeds~~ of the ~~foregoing~~documents, ~~as well as by the personal guaranty of the Company’s President and Chief Executive Officer. The revolving line of credit includes affirmative and negative covenants and Events of Default~~ which are ~~customary~~filed ~~for~~as ~~this~~exhibits ~~type of indebtedness. Included within the foregoing are provisions which generally prohibit the payment of any dividends on the Company’s stock and limit the Company’s ability~~ to ~~make~~this ~~new capital expenditures without the consent of the Lender (subject to an exception for the incurrence of any new indebtedness in an amount less than $50,000)~~Report.

AsItem of May 20, 2010, the Company was also indebted to the Lender in the aggregate principal amount of (A) $73,882 pursuant to a 60-month term loan in the original amount of $180,000 initially entered into when the Company moved its primary banking relationship and lending arrangements to the current Lender in May 2007 and (B) $256,122 pursuant to a total of six five-year term notes incurred in connection with the facility provided by the Lender to fund the recently completed upgrades of cash register and scanning systems in all of the Company’s grocery stores9. ~~All~~01. Financial ofStatements ~~such indebtedness includes terms as to covenants, interest rate~~ and ~~security provisions which parallel those of the revolving line of credit.~~Exhibits

The foregoing description of the annual renewal of the revolving line of credit and the related security documents is qualified by reference to the full text of the documents, which are filed as exhibits to this report.

Item 9.01 Financial Statements and Exhibits

The following Exhibits are filed pursuant to Item 9 of this Report:

Exhibit No.	Description	~~Description~~
10.56		Business Loan Agreement between the Company and Gateway Bank and Trust Company, dated as of May 20, 2010, for $800,000 Revolving Line of Credit. Filed herewith.
10.61	Promissory Note for $45,000 between the Company and Gateway Bank & Trust Company, dated as of July 20, 2010. Filed herewith.
10.57		Promissory Note between the Company and Gateway Bank and Trust Company, dated as of May 20, 2010, for renewal of $800,000 Revolving Line of Credit. Filed herewith.
10.62	Commercial Security Agreement between the Company and Gateway Bank & Trust Company related to the $45,000 Promissory Note dated as of July 20, 2010. Filed herewith.
10.58		Commercial Security Agreement between the Company and Gateway Bank and Trust Company for renewal of $800,000 Revolving Line of Credit, dated as of May 20, 2010. Filed herewith.
10.59		Assignment of Deposit Account between the Company and Gateway Bank and Trust Company for renewal of $800,000 Revolving Line of Credit, dated as of May 20, 2010. Filed herewith.
10.60		Letter Agreement, dated as of May 20, 2010, between the Company and Gateway Bank and Trust Company, related to Business Loan Agreement and Promissory Note, each dated as of May 20, 2010. Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 26, 2010	AMERICAN CONSUMERS, INC.
	AMERICAN CONSUMERS, INC.
	By:	/s/ Paul R. Cook
Date: July 26, 2010	By:	/s/ Paul R. Cook
		Paul R. Cook
		President and Chief Executive Officer
		Chief Executive Officer and Chief Financial Officer

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