News Books-A-Million Seeks to Acquire 14 Borders Stores
posted on 2011-08-26 05:22 EDT
The retail chain Books-A-Million (BAM) has agreed to acquire the leases to 14 Borders store for a total of US$934,259, provided that the deal is approved by the court by August 29 and the transaction closed by August 30. Borders and BAM have asked for a hearing on Monday, tentatively set for 3:00 p.m., to approve the agreement. Borders announced its closure in July.
If the deal goes through, it would let BAM open its first stores in seven new states: Maine, New Hampshire, Connecticut, Wisconsin, Iowa, South Dakota, and Michigan. BAM would take over the stores after the completion of Borders' going-out-of business sales or October 1, whichever is later.
The deal would cover the following stores:
- Columbia Crossing, Columbia, MD
- Bangor Mall, Bangor, ME
- Maine Mall, South Portland, ME
- The Strip, Canton, OH
- Oak Point Plaza, Eau Claire, WI
- Grand Traverse Crossing, Traverse City, MI
- Wrangleboro Road, Mays Landing, NJ
- Northridge Shopping Center, Davenport, IA
- Edwardsville Crossing, Edwardsville, IL
- Fort Eddy Plaza, Concord, NH
- Haines Avenue, Rapid City, SD
- Valley Square Center, West Lebanon, NH
- Viewmont Mall, Scranton, PA
- Waterford Commons, Waterford, CT
Source: Publishers Weekly
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