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Home > Magazine > Article Archive > News

News: It Was Good While It Lasted: Borders Headed for Bankruptcy
Posted on Sunday, July 17, 2011 @ 21:50:43 UTC
Topic: Industry News

A subsidiary of Phoenix-based private-equity investor Najafi Cos. has lost the backing of Borders' creditors to acquire the bankrupt bookstore chain, which now appears to be headed for liquidation. Najafi's Direct Brands LLC had agreed to buy most of the assets of Borders Group Inc. for $215 million in cash and the assumption of $220 million in debts. But, on the night before a Thursday Bankruptcy Court hearing to approve procedures for the sale, Borders' unsecured-creditors committee withdrew support for the sale. Complete Article





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