Books-A-Million Inc. 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).