Uncertainty over exactly what Najafi Companies intended to do with Borders if they bought it led to collapse of the purchase offer by the end of Wednesday and the chain is headed to liquidation unless another bidder comes forward or Najafi prevails during the actual auction. In the day’s preamble, the creditors committee filed an objection in bankruptcy court to Najafi’s offer, which was so open-ended as to allow the possibility that he would still cancel leases and liquidate the chain while keeping “valuable intellectual property (i.e., the Borders name and related intellectual property rights) and other assets for less […]
