As Borders announced its liquidation early last week, reports surfaced that Books-a-Million, a rival bricks-and-mortar book seller, wanted to purchase up to 35 of its remaining stores.
Unfortunately, the deal is now off, according to a report in The Detroit .
The two booksellers apparently couldn't come to an agreement before Borders' going-out-of-business sale began last week.
"We worked exhaustively in an effort to acquire these stores and reach agreements with all of the parties whose consent was necessary," Books-A-Million CEO Clyde B. Anderson said in a statement late Monday. "Unfortunately, we were unsuccessful."
The nixed sale won't necessarily stop Books-a-Million from leasing former Borders locations directly from their landlords. For example, Cafaro Company, an Ohio-based privately held mall owner, has just signed a deal with Books-a-Million to go into eight of its malls independelty of the Books-a-Million/Borders negotiations, according to a release the firm sent out this week.
The stores range from 2,300 to 20,000 square feet and include locations in Pennsylvania, Virginia, West Virginia, Ohio, Michigan and Iowa. Books-a-Million plans to open at Cafaro's properties in the fall.