Uncertainty over exactly what Najafi Companies intended to do with Borders if they bought it led to the collapse of their purchase offer by the end of Wednesday, and now the chain is headed to liquidation unless another bidder comes forward or Najafi prevails during the actual auction. The bid from liquidators that Borders had submitted to the court at the same time as the Najafi offer has been made the “stalking horse bid” for the July 19 auction, which just received Judge Martin Glenn’s approval this morning in court, pending filing of revised papers. Glenn, whose patience was wearing […]
