A new board will carry forward shareholder will to "Save the Merc."

Shareholders of Powell Mercantile, Inc. voted Thursday night to try to find a niche to keep the store going, but they will do it with a new board of directors in charge. The present board members said they would step aside in favor of new blood.

"I'll tell you why," said Merc Board President Sharon Earhart. "We feel you have the energy. We'll work with you in transition."

Earhart also related that a daughter's illness requires her time.

The largest turnout of shareholders at an annual meeting in the Merc's 12-year history — about 90 people — declined to go along with a resolution, signed by all present board members, to liquidate assets, close the Merc and dissolve the corporation. Had the board's recommendation been approved, any remaining cash after dissolution would have been returned to Powell Mercantile, Inc. shareholders.

The closure recommendation was presented to shareholders for balloting in two separate measures. The proposal to liquidate and dispose of assets was defeated 277-114, and the proposal to dissolve the corporation was defeated 261-117.

After a show of hands from shareholders willing to serve as directors, the slate of Marcia Martin, Martin Garhart, Cindy Jacobs, Toby Bonner and John Wetzel was unanimously approved to form a new board. The newly elected directors will reorganize in short order to continue Merc operations.

Other board members stepping down said they wanted to see the Merc succeed. But Diane DeLozier and Susan Richards also admitted they were disillusioned.

"I just can't go on," said DeLozier. "I've been knee deep in the numbers for a year."

Richards agreed. "We've looked at the numbers for too long. I don't see a way out of it. I can't put any more energy into it."

Board members Kelly Brandt and Keith Sande were not present. Earhart said Brandt had expressed that he also wanted to be relieved. Sande's term on the board expired with the end of the fiscal period.

— Dave Bonner