By Brittany Hazelwood
As the never-ending saga of Border’s demise unfolds, one last turn of events occurred today when Books-A-Million, Inc. (BAM) announced interest in purchasing up to 35 of the sinking stores scattered across the USA. Borders lawyer Andrew Glenn summed up the day’s proceedings as “bittersweet,” as the hopeful announcement was delivered hand in hand with the court’s order for Borders’ immediate liquidation and going-out-of-business sales starting on Friday. Publisher’s Weekly reports that “under the (BAM) proposal, which is still ‘evolving’ and unlikely to be resolved immediately, BAM would purchase the stores and additional inventory from Borders distribution centers as a bulk sale through the liquidators. It would pay a percentage of cost value.”
The BAM proposition, according to Glenn, would salvage up to 1,500 jobs and has made the deal’s proposal rest heavily on the shoulders of the decision makers down at bankruptcy court. Additionally BAM would benefit from gaining significant expansion into prime real estate markets including Atlantic City, Charleston, and San Diego. Currently the Southern-based chain has no location in California and just two in New Jersey.
Publisher’s Marketplace reports that creditors committee lawyer Bruce Buechler agreed in principle with the liquidation agreement, but could not make a definitive stance with respect to BAM. And the beat goes on.