Earlier this month, Borders announced that they found a bidder to purchase the company.  Phoenix-based Njafi Companies' Direct Brands has proposed to purchase Borders for $215.5 million.  

The private investment firm will take over the book seller's $220 mlilion in liabilities if the bid is approved by the bankruptcy court.  The bankruptcy court is scheduled to review and decided on the bid on July 21st.   

Borders, which entered chapter 11 bankruptcy earlier this year, released a statement reading, "Borders believes a sale provides the best path forward to reposition the business for a successful future and to maximize value for the company's stakeholders."

To discuss the benefits of filing for chapter 11 bankruptcy with an experienced business bankruptcy lawyer, contact the Arizona chapter 11 bankruptcy attorneys of Harmon Law Office, LLC at 480-829-0494 today.