Borders announced Thursday night it has entered into an asset purchase agreement with Najafi Companies’ Direct Brands unit, which it will submit to the bankruptcy court as a stalking horse bid as part of a court-supervised auction of the bookseller. “Purchase” is an interesting term (“take” might be another one), since Najafi would put up $215.1 million for “substantially all of the company’s assets,” acquiring inventory potentially worth far more than that, along with assuming $220 million in liabilities. It’s not clear how many locations Najafi intends to keep operating–but there is an agreement in place already with Hilco and […]
