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Books-A-Million executive chairman Clyde B. Anderson and his family have made a bid to acquire all the publicly-held shares of the bookseller.
If the deal is accepted, the release noted that “the Anderson family expects the Company’s management to remain in place following the merger along with the rest of the Company’s valued employees.” The family currently owns 53 percent of the public company stock.
Here’s more from the release: “public shareholders would receive $3.05 per share in cash, representing a premium of approximately 20 percent over the closing price on April 27, 2012, and 13 percent over the average closing price of the Company’s common stock for the past 90 trading days. The proposal values the total equity of the Company at approximately $48.8 million.”
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This week news broke that Books-A-Million will close four outlets. Follow these links for stories in local papers about the closures in Tupelo, Mississippi; Florence, South Carolina; Asheville, North Carolina; and Macon, Georgia.
In August, the bookseller reported that net sales had decreased 11 percent to $210.4 million during Q2 (compared to the same period last year).
CEO Clyde B. Anderson had this statement: “Results for the quarter reflect a continuation of the trends that have been affecting our business since the beginning of the year. A soft publishing lineup, the effect of e-book migration and the impact of Border’s liquidation all contributed to the decline in comparable store sales. In this environment we have been focused on further developing the growth categories in our stores in preparation for the second half of the year while our balance sheet remains strong.”
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Books-A-Million has ended its bid for 30 Borders stores. According to a brief release from the bookseller, “the parties could not agree on terms and the going out of business sales at these locations commenced.”
The announcement ended hopes that a few Borders locations could be saved. Books-A-Million CEO Clyde B. Anderson had this statement: “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.”
Last week publishing professionals around the country rallied to support Borders employees. A new job-focused blog was launched “To Help ex-Borders employees find work, make rent, have food and survive.” Mediabistro.com’s Job Post also added a few job leads for bookstore employees. (Via paidContent)
New Career Opportunities Daily: The best jobs in media.
