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Borders Says Najafi Bids $215.1 Million for Stores, Debt

Borders Group Inc., the bankrupt bookstore chain, agreed to sell its business to Najafi Cos.’ Direct Brands LLC, a direct marketer that owns Book-of-the-Month Club.

The deal, which still requires an auction to test for higher bids, would save Borders from liquidation, the bookstore said yesterday in court papers.