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The Suburbanite
  • Books-A-Million resurrects offer to buy Borders store

  • Books-A-Million’s offer to buy local Borders lease is news to employees here.

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  • While Publishers Weekly announced today that the Borders Books at The Strip is among 14 Borders leases bid on by Books-A-Million (BAM), local employees have heard nothing.
    Steve Smith, Borders general manager, said he has not been informed of the offer.
    “Everything is still conjecture, I would imagine,” Smith said. “We’ve heard a number of things since Day 1.”
    In July, the 40-year-old Ann Arbor, Mich.-based book seller was shuttering its 399 remaining stores. A bankruptcy reorganization had fallen through.
    The 30,000-square-foot local store is one of 14  BAM has agreed to acquire for $934,259, provided the deal can be concluded by Tuesday. Federal bankruptcy court must approve the deal by Monday. To meet that deadline, Borders and BAM representatives have requested a Monday hearing.
    If the BAM offer is accepted, the chain will take over operation of the new stores after the completion of Borders’ going-out-of-business sales or Oct. 1, whichever is later. Liquidation sales are set to end by mid-September.