najafi en Borders faces liquidation after lead bid falls through <p>It&rsquo;s been a busy 24 hours for Ann Arbor-based <a href="">Borders</a>: The bankrupt bookstore chain has gone from having a potential buyer to talk of liquidation.</p><p>The auction to sell Borders is still scheduled for Tuesday, July 19<sup>th</sup>. &nbsp;But the lead bidder, known as a &quot;stalking horse,&quot; has pulled out. That bidder was Najafi, a private equity from Arizona a firm.</p> Thu, 14 Jul 2011 20:39:49 +0000 Jennifer Guerra 3317 at Borders faces liquidation after lead bid falls through Borders agrees to sell itself for $215 million <p>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:</p><blockquote><p>Najafi, which owns the Book-of-the-Month Club, will also assume $220 million in debt.</p><p>The agreement is tentative and what is known as a &quot;stalking horse&quot; 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.</p><p>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.</p><p>Najafi has been a speculative suitor for the Ann Arbor, Mich.-based company, although Borders has not previously confirmed any specific bidders.</p></blockquote><p>Borders Group Inc. filed for bankruptcy protection in February. Fri, 01 Jul 2011 10:21:23 +0000 Zoe Clark 3107 at Borders agrees to sell itself for $215 million