BIRMINGHAM, Ala. — Books-A-Million announced the company has submitted a bid in the Borders Inc. bankruptcy proceedings to purchase, among other things, the inventory, fixtures, equipment, and leasehold interests for 30 Borders locations. Under the proposed bid, Books-A-Million will assume the leases for these locations and continue to operate these stores.
Borders Group on Thursday won court approval to liquidate its remaining 399 stores.
"This is a bittersweet day," said U.S. Bankruptcy Judge Martin Glenn before a packed courtroom. "There are a lot of sad people around the country, a lot of sad people in the corporate headquarters. But there has been a late-breaking development."
Borders had alluded to an interested buyer earlier, and in court on Thursday it identified the possible suitor as Books-a-Million in court.
The judge told Borders to get the offer from Books-a-Million in writing