07/01/2011 07:22 am ET Updated Aug 31, 2011

Borders Books Accepts $215.1 Offer From Najafi Companies, Direct Brands

Borders Group announced this evening that it has entered into an asset purchase agreement with Direct Brands, a portfolio company of Najafi Companies.

Under the terms of the agreement, Direct Brands would purchase substantially all of Borders' assets for $215.1 million, as well as assume $220 million of liabilities, subject to the auction and Bankruptcy Court approval.

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