Books-A-Million abandons bid to buy 30 Borders stores
Birmingham, Ala. -- Books-A-Million said late Monday that it was unable to put a deal together to acquire the leases and assets of 30 Borders bookstores out of bankruptcy.
"The company’s efforts to secure the inventory, fixtures, equipment and leasehold interests for 30 Borders stores has ended unsuccessfully because the parties could not agree on terms and the going out of business sales at these locations commenced," Clyde B. Anderson, Books-A-Million CEO, said.
"We worked exhaustively in an effort to acquire these stores and reach agreements with all of the parties whose consent was necessary. Unfortunately, we were unsuccessful,” Anderson added.
Borders Group filed for bankruptcy protection in February, and received court approval last week to liquidate all 399 stores. The retailer said at the time it was talking to Books-A-Million about buying 30 to 35 store leases and inventory.
A group led by liquidation firms Hilco Merchant Resources and Gordon Brothers Group are now holding going-out-of-business stores at all Borders stores.