No Storybook Ending for Borders Group
The bookstore chain's bankruptcy tale concludes with liquidation
By
Danielle Cantor
and Noelle Skodzinski
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Since then, several attempts have been made to save Borders from complete demise. A June 30 press release from Borders announced that the company had entered into a preliminary agreement with Direct Brands, a portfolio company of Najafi Cos. According to the press release, the agreement would have allowed Direct Brands' purchase of nearly all Borders assets for $215.1 million, as well as its assumption of about $220 million of liability. The deal was meant to save a significant number of Borders stores from closing. However, as reported by BusinessWeek.com, Najafi decided not to make the bid for Borders after refusing to drop the option to liquidate.
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Danielle Cantor
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Noelle Skodzinski
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