Najafi, the parent company of the book club brands, has made a preliminary agreement to become the "stalking" horse to the American bookstore chain borders at an auction in July. A "stalking horse" undertakes to make the initial bid before the auction begins and can receive compensation if you do not win.
As part of the same agreement, borders will sell an indeterminate number of stores for cash 215.1 million and 220 million dollars in the assumption of liabilities. According to the borders, the liquidators, Hilco, and Gordon Brothers, have agreed to acquire any stores not to sell and close "in" an orderly manner.
Bids are due on July 17. If he wins Najafi, borders would be a direct subsidiary of brands. Najafi is surpassed by borders, requested by the chain rupture rate is $ 6.45 million.
Borders reports that if it did not reach any agreement for sale, with Nafarji or with another company, then the borders has a contract with a joint venture of the liquidators Hilco and Gordon Brothers, plus SB Capital Group, Tiger Capital Group and great American group. In this case, would be liquidated 399 borders stores. It is bordered by estimates that its liquidation at $252 to 284 million dollars.
According to Publishers Weekly, "a chainwide go out of business/store closure sale should take place before the 22nd of July." However, if a sale of concern goes it would take place on or before July 29 and at the latest on 5 August. "
Source: Publishers Weekly
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