Monday was a big day for Books-A-Million. The retailer won court approval to take over the leases of 14 Borders locations and also named Terry Finley president, succeeding Clyde Anderson who will remain chairman and CEO.
Late last week, BAM agreed to pay $934,000 to assume the Borders leases--if it received quick court approval--and expects to take over control of all locations no later than October 1. The new stores move BAM into some new states, including New England.
BAM’s new president has been a longtime employee of the company, joining BAM in 1992. Finley, who also adds the chief operating officer title, had been executive v-p, chief merchandising officer.
BAM also appointed James F. Turner, v-p, real estate since 2003, to the position of executive v-p, real estate and business development.
Commenting on the promotions, Anderson said, “I am extremely pleased to congratulate Terry on his well-deserved promotion. Terry has been an innovator and leader at BAM for over 20 years, and I am confident that he will lead our team to new heights as we take advantage of the many opportunities ahead.”
Anderson continued, “I would also like to congratulate Jay Turner who has consistently provided creative leadership in our real estate efforts. This promotion acknowledges his success and the importance of the role he is playing in helping the Company pursue new business opportunities.”