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Report: Borders deal on verge of collapse

BY Marianne Wilson

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.

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Wal-Mart replaces departed China COO, CFO

BY Staff Writer

Shanghai —Wal-Mart Stores Inc. announced it has appointed its current Canada finance chief Sean Clarke as COO over the company’s China operations, after former CFO Roland Lawrence and COO Rob Cissell left the company in May.

According to a report by Bloomberg, Clarke will be joined by Steve Smith, named chief marketing officer in China. Smith was senior VP at Delhaize Group.

Wal-Mart, which operates China’s biggest hypermarket chain after Sun Art Retail Group Ltd., is restacking its China leadership deck, as it has said it expects China to surpass the U.S. as the world’s largest grocery marketing by 2014.

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