Bankrupt Borders to be purchased by Direct Brands

1:59 PM, Jul 1, 2011   |    comments
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ATLANTA -- The bankrupt Borders Group Inc. is to be sold to Direct Brands, a division of private investment company Najafi Cos. ,according to a MarketWatch story.

The deal includes the Michigan-based bookstore company's assets for $215.1 million plus assuming $220 million of liabilities. The transaction is still subject to bankruptcy court approval.

Direct Brands includes Book-of-the-Month Club, Doubleday Book Clubs, Columbia House DVD and BMG Music Service.

Ann Arbor, Mich.-based Borders filed for Chapter 11 and announced 200 stores closures in February, listing $1.29 billion in debt and $1.28 billion in assets. The closures include up to seven stores in metro Atlanta.

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