Books-A-Million to Lease 14 Borders Stores
At least 14 communities around the nation will not lose a mega-bookstore where Borders once stood, after all.
Birmingham, Alabama-based bookstore chain Books-A-Million will acquire the leases of 14 Borders Group Inc. superstores for $934,209, Bloomberg reported yesterday. According to court documents, the lease sale must be approved by the court handling Borders' bankruptcy liquidation by Aug. 29 to be valid.
Borders won court approval to liquidate its remaining 399 stores on July 21 after investors rejected a last-ditch purchase offer from Najafi Cos.’ Direct Brands LLC. Asset holders feared they might recover less from a Direct Brands liquidation, should the new owners have chosen that route, then they could from an immediate court-supervised sell off.
Locations that will remain bookstores in the Books-A-Million deal include stores in Portland, Maine; Canton, Ohio; Concord, New Hampshire; and Mays Landing, New Jersey, Bloomberg reported.
A previous attempt by Books-A-Million to buy inventory and equipment and take over leases at 30 Borders stores fell through in July. Books-A-Million CEO Clyde B. Anderson said at the time the company was unable to reach an areement with" all of the parties whose consent was necessary."