Quote:
Originally Posted by fjtorres
Borders has tentatively accepted a buyout offer.
They also submitted a motion for liquidation if the offer is not accepted by the court.
http://www.canadianbusiness.com/arti...the-month-club
This will open up an outright auction until the court decides to accept the highest bid or the liquidation plan.
Either way, the Kobo/Borders tie-up looks to be over for good. |
There is more detail today at Bloomberg:
http://www.bloomberg.com/news/2011-0...uy-stores.html
Najafi had been reported interested in about half the remaining 405 stores and if that remains true, the balance will be liquidated by Hilco. Hilco was in the news this week for having purchased HMV Canada -- a network of 121 stores for $3.2 million.
There was another party interested in Borders -- Gore Brothers -- and they have an opportunity to evaluate the Najafi bid before a July 19 court decision. Unfortunately, the Gore folks seemed only interested in about half the stores as well.