Bid for some Borders book stores falls through

A sign in a window of Borders in Wynnewood, which already was targeted to close.
A sign in a window of Borders in Wynnewood, which already was targeted to close. (Maria Panaritis / Staff Photographer)
Posted: July 26, 2011

A last-ditch bid to convert two local Borders book stores into Books-a-Million stores has fallen through, according to the Alabama-based retailer that had hoped to acquire part of the bankrupt chain's holdings.

The news Monday from Books-a-Million Inc. means a certain end for all Borders stores nationwide - including locations in Exton and in Mays Landing, which would have been converted to Book-a-Million if the deal had been finalized.

Border's stores are going out of business as part of a liquidation announced a week ago.

Books-a-Million had been trying to negotiate a deal with the bankrupt Michigan-based retailer to acquire 30 of its stores, along with inventory, fixtures, equipment and leases. But those efforts failed to yield fruit, the company said.

The two sides could not agree on terms, Birmingham-based 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," chairman and chief executive officer Clyde B. Anderson said in a news release. "Unfortunately, we were unsuccessful."

Borders declared bankruptcy earlier this year but failed to reorganize its operations and draw an attractive enough bid from a buyer, so it began going-out-of-business sales Friday.

The chain had suffered in recent years from declining store sales while lagging behind in adopting e-readers and more aggressively pursing sales of digital books.

The list of Borders stores to be closed in the region includes Bryn Mawr, Concord Township, Exton, Mays Landing, Mount Laurel, Springfield, Warrington, Wilmington and Wynnewood.

These are the Borders locations that were on the list to be saved if the deal with Books-a-Million went through:

California

San Diego

Sand City

Connecticut

Waterford

Delaware

Dover

Ohio

Canton

Maine

Bangor

Portland

Marylan

Columbia

Hagerstown

Waldorf

New Hampshire

Concord

West Lebanon

New Jersey

Mays Landing

North Carolina

Southern Pines

Oregon

Eugene

Gresham

Salem

Pennsylvania

Butler

Exton

Hanover

Monaca

Pennsdale

Selinsgrove

Scranton

York

South Carolina

Charleston

South Dakota

Rapid City

Texas

San Antonio

Virginia

Woodbridge

Wisconsin

Eau Claire


Contact Maria Panaritis at 215-854-2431 or mpanaritis@phillynews.com or on Twitter @panaritism.

 

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