TOPEKA, Kan. (WIBW) - Stockholders for discount retailer Alco Stores Inc. have voted against a merger with private investment firm Argonne Capital Group LLC.
The company announced the agreement in July, stating Argonne would acquire all the outstanding share of Alco stores' common stock for $14 dollars a share in cash.
Chairmen of the board Royce Winsten said Wednesday shareholders want the company to follow through on the initiatives that are underway and build the company's profitability on their behalf.
The company specializes in serving small towns and has 312 Alco stores in 23 states selling home furnishings, outdoor products, electronics, sporting goods and clothing.
Alco announced in April they'd be moving their headquarters from Abilene, Kansas to Dallas, Texas.