ABILENE, Kan. (AP) -- Discount retailer Alco Stores Inc. has entered into an agreement to merge with private investment firm Argonne Capital Group LLC.
Alco said in a news release Thursday that Atlanta-based Argonne will acquire all the outstanding share of Alco Stores' common stock for $14 per share in cash. The proposed transaction would total about $47 million.
Alco's Board of Directors has unanimously approved the merger agreement and is recommending that shareholders approve it.
Alco, formerly known as Duckwall-Alco before changing its name last year, is in the process of moving from Abilene, Kan., to the Dallas suburb of Coppell. The company specializes in serving small towns and has 213 Alco stores in 23 states selling home furnishings, outdoor products, electronics sporting goods and clothing.