Dive Brief:
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Books-A-Million Inc. is being returned to its founding Anderson family after the family sweetened its buyout offer to $3.25 per share or $21 million from a bid in January of $2.75 per share.
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The nationwide chain has 255 stores but has seen declining sales; Q1 same-store sales dropped .9%.
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The chain began as a newsstand in Florence, AL in 1917 and has a major presence in the South, though it expanded when it took over some Borders locations when that chain filed for bankruptcy in 2011.
Dive Insight:
Books-A-Million hasn’t really had much success operating under the shadow of Barnes & Noble and Amazon. The chain has a strong history and a strong presence in the South, and pioneered the “store experience” aspect of a bookstore, with author readings and other store events.
It could have more luck under private ownership of the founder’s family, which could refocus the company’s store and web operations.
