Judge OKs Borders deal
A federal bankruptcy judge has approved Alabama retailer Books-A-Million's bid to take over the leases of 14 Borders stores, including in Bangor and South Portland.
Judge Martin Glenn of U.S. Bankruptcy Court in Manhattan approved the deal Monday after some negotiations with Borders, including how much Books-A-Million must pay landlords for the leases, the Wall Street Journal reported. Books-A-Million plans to take over the leases by Sept. 20 for about $934,000. The company previously tried to take over about 30 Borders locations, but that deal fell through last month.
Bankrupt Borders in July announced it would close its 399 stores and liquidate its assets. Portland-based entertainment retailer Bull Moose last month said it was planning to bid on several Borders locations in New England, but did not specify which stores.
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