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Books-A-Million ends bid for 30 Borders locations

A woman shops inside a Borders bookstore in New York, July 19, 2011. REUTERS/Shannon Stapleton

A woman shops inside a Borders bookstore in New York, July 19, 2011.

Credit: Reuters/Shannon Stapleton

Tue Jul 26, 2011 7:33am EDT

(Reuters) - Books-A-Million Inc (BAMM.O) said its bid in bankruptcy court to acquire 30 Borders Group Inc BGPIQ.PK stores was unsuccessful because the two companies could not agree on the terms of the deal.

Last week, Books-A-Million submitted a bid to secure the inventory, fixtures, equipment and leasehold interests for 30 Borders stores in a move that would have helped it expand in the U.S. Northeast.

Borders, unable to overcome competition from larger rival Barnes & Noble Inc (BKS.N) and from Amazon.com Inc (AMZN.O),filed for bankruptcy and won court approval last Thursday to liquidate its 40-year-old business.

Shares of Books-A-Million closed at $3.45 on Monday on Nasdaq.

(Reporting by Divya Sharma in Bangalore; editing by Carol Bishopric)
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