U.S. Markets closed

Borders Is Really Done, As Books-A-Million Deal Falls Apart

Laura Hazard Owen

For a while last week it looked as though Alabama-based bookstore chain Books-A-Million might snap up thirty Borders stores. But that deal, like so many others in the Borders saga, has fallen apart.Negotiations fell apart last night, AnnArbor.com reports, and Books-A-Million released a statement on its website: “The company’s efforts [have] ended unsuccessfully because the parties could not agree on terms and the going out of business sales at these locations commenced. Clyde B. Anderson, Chairman, Chief Executive Officer and President 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.’”The deal would have saved about 1,500 jobs and expanded Books-A-Million—which now moves into Borders’ place as the second-largest bookstore chain in the U.S.—to new locations in the West and Northeast.The liquidation of Borders stores began last Friday, with all stores set to close by the end of September.Related