Books-A-Million Borders bid unsuccessful

BIRMINGHAM, Ala. — Books-A-Million's efforts to secure the inventory, fixtures, equipment and leasehold interests for 30 Borders stores ended unsuccessfully because the company could not agree with Borders on terms and the going out of business sales at these locations commenced, the company announced Monday.

Clyde Anderson, chairman, CEO and president of Books-A-Million, 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.”

Last week Books-A-Million announced it had submitted a bidin the Borders Inc. bankruptcy proceedings to purchase, among other things, the inventory, fixtures, equipment, and leasehold interests for 30 Borders locations.

Borders Group last week won court approval to liquidate its remaining 399 stores.