Content about Month Club

July 14, 2011

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.

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.”

July 1, 2011

Borders Group announced Thursday that it has agreed to sell itself to Najafi Cos. for $215 million.

Ann Arbor, Mich. -- Borders Group announced Thursday that it has agreed to sell itself to Najafi Cos. for $215 million. The deal is subject to court approval.

Najafi Cos. is a Phoenix-based private investment company, which owns the Book-of-the-Month Club.

The "stalking horse" bid will open an auction for the company and its assets, so a higher bid is possible, according to reports.