Books-A-Million Says It Won’t Buy 30 Locations From Bankrupt Borders
Books-A-Million Inc. (BAMM) said it withdrew its bid to buy 30 Borders Group Inc. stores after the companies failed to agree on terms and going-out-of-business sales at the locations had already started.
“We worked exhaustively in an effort to acquire these stores and reach agreements with all of the parties whose consent was necessary,” Books-A-Million Chief Executive Officer Clyde B. Anderson said yesterday in a statement. “Unfortunately, we were unsuccessful.”
Borders on July 21 won approval in U.S. Bankruptcy Court in Manhattan to liquidate its remaining 399 stores. The Books-A- Million offer to buy 21 super-stores and nine smaller ones was made the same day.
Books-A-Million, which also runs stores under the names Books & Co., Bookland and Joe Muggs Newsstands, is based in Birmingham, Alabama, and operates in the southeastern U.S.
Mary Davis, a spokeswoman for Ann Arbor, Michigan-based Borders didn’t immediately return a call seeking comment after regular business hours yesterday.
The case is In re Borders Group Inc., 11-10614, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
To contact the reporter on this story: Edvard Pettersson in Los Angeles at epettersson@bloomberg.net.
To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net.
Books-A-Million Withdraws Offer to Buy 30 Borders Stores
Jeff Kowalsky/Bloomberg
A Borders Group Inc. bookstore starts its liquidation sale in Beverly Hills, Michigan, U.S., on Friday, July. 22, 2011.
A Borders Group Inc. bookstore starts its liquidation sale in Beverly Hills, Michigan, U.S., on Friday, July. 22, 2011. Photographer: Jeff Kowalsky/Bloomberg
July 26 (Bloomberg) -- Jane King summarizes the top stories this morning on the Bloomberg Business Report. (Source: Bloomberg)
July 22 (Bloomberg) -- Andy Graiser, co-president of DJM Realty, talks about the outlook for Borders Group Inc.’s retail properties as a result of the company's liquidation and the state of the commercial real-estate market. DJM Realty plans to auction 259 Borders leases in two separate sales, probably in August and September. Graiser speaks on Bloomberg Television's "InBusiness with Margaret Brennan." (Source: Bloomberg)
Rate this Page
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.