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Books-A-Million withdraws bid to purchase 30 Borders stores

July 26, 2011 10:03AM

Books-A-Million has withdrawn its bid to purchase 30 of the Borders Group’s retail spaces after the two companies failed to agree on terms and going out of business sales at certain locations, Bloomberg News reported.

“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 CEO Clyde Anderson said. “Unfortunately, we were unsuccessful.”

Alabama-based Books-A-Million offered to buy 21 super-stores and nine smaller ones July 21, the day that Borders got approval from bankruptcy courts to liquidate all its assets.

Borders hired New York-based DJM Realty to manage the disposition of all its remaining stores in the United States. [Bloomberg]