In this morning's news...
Bid for Borders Falls Through
The Borders bookstore chain has gone from having a potential buyer to talk of liquidation in the last 24 hours, Jennifer Guerra reports. From Guerra:
The auction to sell Borders is still scheduled for Tuesday, July 19th. But the lead bidder, known as a "stalking horse," has pulled out. That bidder was Najafi, a private equity from Arizona a firm. The New York Times reports creditors were "concerned that the agreement could allow Najafi to buy the company at a low price and then liquidate Borders later without letting creditors benefit." So with Najafi out, the new stalking horse is a group led by Hilco Merchant Resources, and they want to liquidate Borders… About 400 Borders stores remain open.
Ford Laid to Rest
Former First Lady Betty Ford’s funeral took place yesterday afternoon at Grace Episcopal Church in East Grand Rapids. It is the same church where the Ford’s were married in 1948. Michigan’s Governor, former congressmen, ambassadors, and other politicians attended the services with Ford’s family and friends. Mrs. Ford died last week at the age of 93.
Head Start Funding
Detroit is in danger of losing millions of dollars in federal Head Start money, Sarah Hulett reports. “Head Start provides early childhood education for low-income kids. The city department that runs Head Start has been in trouble with the federal government for failing to fix problems uncovered in audits – including accounting errors and misspent funds. The U.S. Department of Health and Human Services is reportedly looking to Wayne County to take over the program,” Sarah Hulett reports.