Borders deal with Najafi falls apart
NEW YORK - July 14, 2011 (WPVI) -- Borders Group is teetering on liquidation after an offer from a private-equity investor disintegrated.
Najafi Cos. offered $215 million for Borders in July, but creditors and landlords on Wednesday said in court filings that immediate liquidation was a better option since Najafi could liquidate the company as soon as it was acquired. Creditors asked Najafi to revise its offer to no avail.
On Thursday, Borders said it wouldn't seek approval for Najafi's bid in a hearing scheduled for 10 a.m. Another bidder could still step in.
Instead, it designated liquidation firms Hilco Merchant Resources and Gordon Brothers as the opening bid if no other bidders emerge.
Borders Group Inc., based in Ann Arbor, Mich., filed for bankruptcy protection in February, hurt by stiff competition from online booksellers and discounters.
new york city, bankruptcy, business/finance
- Photos: Recent prostitution arrests in Philadelphia
- Clouds to sun, cool today 39 min ago
- Get the 6abc StormTracker app
- WATCH: Action News Online
- Photos: Suspects wanted by Philadelphia Police 25 min ago
- Vice principal commits suicide after ferry accident 46 min ago
- Popular chocolate maker reopens in time for Easter 54 min ago
- Montco hall closes weeks before bride's wedding
- Search continues for robbers in armored car heist 57 min ago
- Penn State police: 3 posed nude at Nittany shrine
- Stalkers have QVC host living in fear
- McNabb serves 1-day sentence after DUI arrest
- 13 pound baby born at Delco hospital
- Video: Hero twins yell, hit carjacker to escape
- Driver killed in collision with taxi cab in...
50 min ago
- Firefighters battle 3-alarm blaze in...
47 min ago