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He added books and fireworks to his inventory and, within a few years, opened a downtown bookstore with his brother. Books-A-Million's shares peaked at $47 per share during a 1998 Thanksgiving weekend frenzy, fueled by internet chat rooms, which followed the announcement of a redesigned website. The high valuation triggered a sell-off, led by officers of the company and members of the Anderson family, dropping the price to $10 per share within two weeks. In 1999 Books-A-Million acquired the internet development and services company which had built its website, NetCentral of Nashville, Tennessee.
Bookland acquired Gateway Books of Knoxville, Tennessee in 1988, but ended up closing 33 underperforming locations. With the excess inventory, he opened his first "Books-A-Million" superstores, with room to display discounted overstock. The success of that model led Anderson to pursue the concept of positioning a bookstore as a destination retailer. In 1992, he changed the name of the company to Books-A-Million and took it public. Its initial offering on the NASDAQ exchanged valued the company at $33.8 million. The infusion of capital allowed the company to expand, and by 1993 it was operating 84 Bookland stores and 29 Books-A-Million "superstores". The company emphasized its regional presence by promoting Southern authors and subjects of particular interest, such as college sports. (Source: www.bhamwiki.com)