When you add the payment and the liability assumption, Borders actually fetched an OFFER of just under $440 million and that’s not for the whole group. The store closure program combined with the stores Najafi does not wish to acquire means that there’s a bunch of stores not included in the purchase. I wonder where this will end price-wise, is anyone likely to trump that bid?
Borders Group Inc., the bankrupt bookstore chain, said a Najafi Cos. unit bid $215.1 million for its stores and would assume $220 million of liabilities to kick off an auction to test for higher bids.
The agreement is subject to bankruptcy-court approval, Borders said in a statement. Any stores that aren’t included in the sale to Najafi’s Direct Brands unit will be acquired by Hilco Merchant Resources LLC and Gordon Brothers Group LLC and closed, the statement said.