© 2023 MICHIGAN RADIO
91.7 Ann Arbor/Detroit 104.1 Grand Rapids 91.3 Port Huron 89.7 Lansing 91.1 Flint
Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations

Borders agrees to sell itself for $215 million

Borderse_Lorna_is.jpg
Lornais
/
Flickr

Borders has agreed to sell itself to private investment firm Najafi Cos. for $215 million, reports the Associated Press. The agreement, however, is tentative. From the AP:

Najafi, which owns the Book-of-the-Month Club, will also assume $220 million in debt. The agreement is tentative and what is known as a "stalking horse" bid for a company under bankruptcy protection. The bid will open an auction for the bookseller and its assets, so a higher bid is possible. A bankruptcy court hearing on the deal is set for July 21. If the court does not approve an auction process, Borders filed a separate motion to liquidate. Najafi has been a speculative suitor for the Ann Arbor, Mich.-based company, although Borders has not previously confirmed any specific bidders.

Borders Group Inc. filed for bankruptcy protection in February.

Zoe Clark is Michigan Radio’s Political Director. In this role, Clark guides coverage of the state Capitol, elections, and policy debates.
Related Content