New York — Najafi Cos., the private equity firm that tentatively agreed to purchase bankrupt Borders Group, is is reportedly no longer interested in Borders unless its conditions are met, The Wall Street Journal reported.
Najafi, which owns the Book of the Month Club, said in a statement that financial advisors “have elected another option which is in contrast to what he had envisioned for the future of Borders.”
Borders entered Chapter 11 in February and has closed hundreds of stores around the country. Without a suitor, the only viable remaining option could be liquidation.
A hearing is scheduled for Thursday in bankruptcy court in New York. Competing bids must be submitted by Sunday.