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Borders moves closer to liquidation as bankruptcy court judge okays Borders auction
New York — Borders Group moved closer to liquidation after a judge on Thursday approved its motion to auction itself off with an offer from liquidators as its opening bid. The retailer said it will accept bids until 5 p.m. Sunday and will give notice by Monday if no other bidder emerges.
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Report: Borders deal on verge of collapse
New York — Najafi Cos., the private equity firm that tentatively agreed to purchase bankrupt Borders Group, is is reportedly no longer interested in Borders unless its conditions are met, The Wall Street Journal reported.
Najafi, which owns the Book of the Month Club, said in a statement that financial advisors “have elected another option which is in contrast to what he had envisioned for the future of Borders.”