NEW YORK, N.Y. - A handful of Borders bookstores are getting a new lease on life. A judge has cleared Books-A-Million Inc. to take over 14 Borders Group Inc. stores that were slated for closure.
Ann Arbor, Mich.-based Borders Group filed for bankruptcy protection in the U.S. Bankruptcy Court in the Southern District of New York in February, brought down by tough competition and an inability to adapt to consumers' increasing appetite for e-books.
Books-A-Million will take over the leases beginning Sept. 20, under an agreement a judge approved Tuesday.
Borders received court approval to liquidate its 399 stores in July.
At that time, Birmingham, Ala.-based Books-A-Million was in last-minute talks to acquire 30 leases, but no agreement materialized right away.