Books-A-Million withdraws from Borders bid

ANN ARBOR, Mich., July 27 (UPI) -- U.S. bookstore chain Books-A-Million Inc. said it has dropped its pursuit of 30 outlets it intended to buy from Borders Group Inc.

"We worked exhaustively in an effort to acquire these stores and reach agreements with all of the parties whose consent was necessary. Unfortunately, we were unsuccessful," Books-A-Million Chief Executive Officer Clyde Anderson said in a statement, The Detroit News reported Wednesday.

That meant 30 more landlords than was previously expected would have empty stores and, "In today's marketplace, you don't have tenants lined up to take empty spaces," said Jim Bieri, principal at Stokas Bieri Real Estate, a Detroit company.

Borders is liquidating 399 stores across the country. Books-A-Million, based in Birmingham, Ala., operates 230 stores in 23 states, the News said.