August 25, 2011 / 12:40 AM / 8 years ago

Borders sells lease interest in 14 stores to Books-A-Million

(Reuters) - Books-A-Million Inc BAMM.O agreed to acquire lease interest in 14 of Borders Group Inc’s BGPIQ.PK stores for $934,209.

In a court filing, Borders, which is going out of business after an unsuccessful attempt to sell itself out of bankruptcy, noted that Books-A-Million will acquire real estate leases of its large format stores and specialty stores.

In July, Books-A-Million said its bid to acquire 30 Borders stores was unsuccessful as the two companies could not agree on the terms of the deal.

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

The case is In re Borders Group Inc, U.S. Bankruptcy Court, Southern District of New York, No. 11-10614.

Reporting by Anand Basu in Bangalore; editing by Carol Bishopric

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