Books-A-Million has agreed to acquire 14 Borders leases for a total of $934,259, provided that a deal can be concluded by August 30. In a motion filed with the bankruptcy court, BAM said that “time is of the essence,” stipulating that the deal must be approved the court by August 29 with the transaction closing by August 30. To meet that deadline, Borders and BAM have asked for a hearing on Monday to approve the agreement. If the deal is approved, BAM will broaden its national footprint, opening its first stores in New England and as far west and north as South Dakota and Wisconsin.
The 14 stores range from 20,000 sq. ft. to 30,000 sq. ft. and move BAM into seven new states: Maine, New Hampshire, Connecticut, Wisconsin, Iowa, South Dakota and Michigan.
BAM would take over the operation of the new stores after the completion of the going-out-of business sales or October 1, whichever is later. (The going-out-of business sales are set to be completed by mid-September). The bid for the 14 leases comes about one month after BAM’s effort to acquire 30 leases fell through. The hearing to approve new agreement is tentatively set for 3 p.m. ay which any objections will be heard. Borders believes selling the leases to BAM as one group will generate more money than selling the leases individually.
The following stores are part of the deal, with the first number in parenthesis representing square footage and the second number representing how much BAM paid for the store:
#89 Columbia Crossing, Columbia, MD (28,000; $45,394)
#125 Bangor Mall, Bangor, ME (25,881; $54,364)
#133 Maine Mall, South Portland, ME (30,000; $168,757)
#136 The Strip, Canton, OH (30,000; $103,803)
#138 Oak Point Plaza, Eau Claire, WI (23,960; $41,114)
#168 Grand Traverse Crossing, Traverse City, MI (20,000; $71,672)
#193 Wrangleboro Road, Mays Landing, NJ (20,000; $55,583)
#292 Northridge Shopping Center, Davenport, IA (25,000; $41,629)
#334 Edwardsville Crossing, Edwardsville, IL (21,996; $42, 566)
#340 Fort Eddy Plaza, Concord, NH (31,889; $87,951)
#369 Haines Avenue, Rapid City, SD (20,000; $42,566)
#394 Valley Square Center, West Lebanon, NH (22,015; $58,820)
#442 Viewmont Mall, Scranton, PA (22,960; $49,874)
#524 Waterford Commons, Waterford, CT (22,824; $69,780)