Talks fall through to buy 30 Borders stores
NEW YORK (AP) - Bookstore chain Books-A-Million Inc. says its last-minute talks to buy the leases and assets of 30 Borders bookstores out of bankruptcy have fallen through.
Borders Group Inc., which filed for bankruptcy protection in February, received court approval last week to liquidate its 399 stores. The chain said at the time it was talking to Books-A-Million about buying 30 store leases and inventory.
But Books-A-Million said Tuesday those talks were unsuccessful.
A group led by liquidation firms Hilco Merchant Resources and Gordon Brothers Group are now holding going-out-of-business stores at all Borders stores.
Birmingham, Ala.-based Books-A-Million operates 231 stores in 23 states and the District of Columbia. Borders is based in Ann Arbor, Mich.