Borders, Books-A-Million fail to reach deal to save 30 stores
Angela J. Cesere | AnnArbor.com
But those talks fell apart, Books-A-Million CEO Clyde B. Anderson said in a statement late Monday. The parties had estimated that 1,000 to 1,500 jobs could be saved if a deal was completed.
“We worked exhaustively in an effort to acquire these stores and reach agreements with all of the parties whose consent was necessary," Anderson said. "Unfortunately, we were unsuccessful."
The collapse of negotiations between the two chains means that all Borders stores will close by September, although liquidators suggested the process could be completed sooner.
DJM Realty, a unit of liquidator Gordon Brothers Group LLC, plans to auction off the Borders leases.
Borders, founded in Ann Arbor 40 years ago, had 10,700 employees and 399 stores when it announced July 18 that it would enter liquidation. The company still hopes to sell off certain assets, including the Borders brand and website.