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Crown of Thorns

Bankrupt book retailer to sell 19 stores to Books-a-Million chain

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Crown Books (Largo, Md.), the discount book retailer that filed for bankruptcy protection last month, has reached an agreement to transfer the leases of 19 of its stores and the inventory therein to Books-a-Million (Birmingham, Ala.). The stores are in the Chicago and Washington, D.C., metropolitan areas. The deal is subject to Bankruptcy Court approval.

Books-A-Million is the Number Three U.S. book-retailing chain (after Barnes & Noble and Borders Group), with more than 180 stores in 17 states, mostly in the Southeast. Three-quarters are superstores that include Joe Muggs coffee bars. It also runs about 45 smaller-sized Bookland stores (some of which sell greeting cards and gifts) and a few freestanding Joe Muggs Newsstands (selling newspapers, magazines, gifts and cards, as well as coffee).

At the time of its filing, in mid-February, Crown Books was the largest discount book retailer in the country. It had recently closed 28 underperforming stores, but was still operating 90 stores in five major metropolitan areas: San Francisco, Los Angeles and San Diego (as well as Washington and Chicago).

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