Books-A-Million Files Motion to Acquire 14 Borders' Leases, Plans Expansion to New States

Posted on August 25, 2011

Publisher's Weekly reports that Books-A-Million has filed a motion with the bankruptcy court to acquire 14 of Borders Books and Music's leases for a price of $934,259. Books-A-Million stipulated that the offer will be withdrawn unless the court approves the deal by August 29th, and the deal closes by August 30th. There is a hearing on Monday to approve the deal.

The transaction will allow Books-A-Million to expand into Connecticut, Iowa, Maine, New Hampshire, South Dakota and Michigan and Wisconsin. The final going out of business sale for Borders will end by October 1st, and Books-A-Million will move in after that. Here is a list of the proposed new Books-A-Million locations, the square footage of the space and how much is being paid for the lease:

#89 Columbia Crossing, Columbia, MD (28,000 sq. ft; $45,394)
#125 Bangor Mall, Bangor, ME (25,881 sq. ft; $54,364)
#133 Maine Mall, South Portland, ME (30,000 sq. ft; $168,757)
#136 The Strip, Canton, OH (30,000 sq. ft; $103,803)
#138 Oak Point Plaza, Eau Claire, WI (23,960 sq. ft; $41,114)
#168 Grand Traverse Crossing, Traverse City, MI (20,000 sq. ft; $71,672)
#193 Wrangleboro Road, Mays Landing, NJ (20,000 sq. ft; $55,583)
#292 Northridge Shopping Center, Davenport, IA (25,000 sq. ft; $41,629)
#334 Edwardsville Crossing, Edwardsville, IL (21,996 sq. ft; $42,566)
#340 Fort Eddy Plaza, Concord, NH (31,889 sq. ft; $87,951)
#369 Haines Avenue, Rapid City, SD (20,000 sq. ft; $42,566)
#394 Valley Square Center, West Lebanon, NH (22,015 sq. ft; $58,820)
#442 Viewmont Mall, Scranton, PA (22,960 sq. ft; $49,874)
#524 Waterford Commons, Waterford, CT (22,824 sq. ft; $69,780)