Efficient utilization of cooperating robots in the assembly of aircraft structures relies on balancing the workload of the robots and ensuring collision-free scheduling. We cast this problem as that of allocating a large number of repetitive assembly tasks, such as drilling holes and installing fasteners, among multiple robots. Such task allocation is often formulated as a Traveling Salesman Problem (TSP), which is NP-hard, implying that computing an exactly optimal solution is computationally prohibitive for real-world applications. The problem complexity is further exacerbated by intermittent robot failures necessitating real-time task reallocation. In this letter, we present an efficient method that exploits workpart geometry and problem structure to initially generate balanced and conflict-free robot schedules under nominal conditions. Subsequently, we deal with the failures by allowing the robots to first complete their nominal schedules and then employing a market-based optimizer to allocate the leftover tasks. Results show an improvement of 13% in schedule efficiencies as compared to a greedy multi-agent scheduler on a four robot system, which is especially promising for aircraft assembly processes that take many hours to complete. Moreover, the computation times are similar and small, typically less than one second.