Discount retailer Alco Stores Inc. has entered into an agreement to merge with private investment firm Argonne Capital Group LLC.
The Kansas-based company said in a news release today that Atlanta-based Argonne will buy all outstanding shares of Alco Stores' common stock for $14 per share in cash. The transaction will total about $47 million dollars.
Alco's Board of Directors has unanimously approved the merger agreement and is recommending that shareholders approve it.
Alco was formerly known as Duckwall-Alco before changing its name last year; it's in the process of moving its headquarters from Abeline to the Dallas suburb of Coppell, Texas. The company specializes in serving small towns and has 213 stores in 23 states selling home furnishings, electronics, sporting goods and clothing. Press release: