The Books-A-Million bookstore chain operates 257 stores in 32 states and sells plenty of stuff online via their website. At a very special meeting last week the shareholders of the company have voted to take the company private. The Anderson family is buying 41.8% of the shares they do not already own and the entire deal is worth $21 million.
In a prepared statement, Anderson said: “I am pleased that the majority of the minority shareholders voted in favor of the go-private merger proposal. Also, I am excited to lead the company into the next phase of its history. The transaction returns the company to private ownership in a way that allows us to focus on our customers, suppliers, employees, and the communities we serve.
It does not look like a bookstore chain is worth very much these days, if you can basically own the second largest in the United States for a grand total of just under $60 million dollars.
Michael Kozlowski is the Editor in Chief of Good e-Reader. He has been writing about audiobooks and e-readers for the past ten years. His articles have been picked up by major and local news sources and websites such as the CBC, CNET, Engadget, Huffington Post and the New York Times.