RCG Companies of Charlotte said Wednesday that it would not proceed with an announced acquisition of Response Personnel and related firms.

RCG (Amex: RCG) cited the state of the stock market as the reason for the decision. The deal for $10 million in cash had been announced in May.

RCG stock closed at $1.24 Wednesday, down 15 cents. Its 52-week high is $3.16, its low 46 cents.

RCG had intended to acquire Response Personnel, Inc., RPI Professional Alternatives, Inc., RPI Services, Inc., Response Medical Staffing of Connecticut, Inc. and Response Medical Staffing of New Jersey, Inc. (collectively, “RPI”).

RCG: www.rcgcompanies.com