Business & Tech

Report: Borders Could Face Liquidation After Deal Falls Through

Creditors objected to a deal this past Wednesday that could have saved the bookstore.

, which filed for back in February, is facing possible liquidation after an offer from a private investor fell through this week, according to reports.

Najafi Cos., a private-equity investor from Phoenix, offered $215 million for the company - plus the assumption of $220 million in debt, the report said.

However, on Wednesday creditors reportedly rejected the deal, saying that the agreement would not prevent Najafi from taking possession of the company and liquidating it immediately for profit.

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Borders has said it will accept bids until 5 p.m. Sunday and will give notice by Monday if no other bid emerges, the report said.

The Syosset location is a popular hangout and study destination for local high school and college students, particulary in the Seattle's Best Coffee cafe.

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Syosset resident Didem Uca, 21, has been shopping at the Borders for years and would be sad to see the store close.

"I will definitely miss it," Uca said. "I was talking to my friend over there, we used to come to the Harry Potter premiere parties, so I do have some memories here in a strange way."

Uca said she actually preferes the Barnes and Noble stores, but comes to Borders more because of the close location.

"The seating is different - it's always available," Uca said of the Barnes and Nobles. "And although the Seattle's Best isn't bad, they [Barnes and Nobles] have a Starbucks."

Only about 400 Borders stores remain - locations in and Westbury closed in February. Only Syosset, Farmingdale, Valley Stream (Borders Express) and Stony Brook remain on Long Island.


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