Comics | Flashpoint editor Eddie Berganza talks to USA Today about the midpoint of DC’s big summer event series and how it might tie into the September relaunch: “They’re starting to figure out where these 52 are coming from, and it’s staring them right in the face with Flashpoint. A lot of the concepts, a lot of the ideas, they’re cropping up within the pages. You have a book called Frankenstein in the Flashpoint world, and guess what, we’re doing Frankenstein, Agent of SHADE. You’ll see a couple of other background players start showing up that become more important as we go into September.” [USA Today]
Retailing | Borders Group warned investors on Tuesday against buying any more of the company’s stock as it soon could be worthless. If a federal bankruptcy court approves the $215-million opening bid submitted last week, the bookseller would become a subsidiary of the privately held Direct Brands, owner of the Book of the Month Club and Columbia House, meaning stock will no longer be traded. [The Detroit News]
The bankrupt Borders Group, the second-largest bookstore chain in the United States, announced it has received an official bid from the owner of the Book of the Month Club and Columbia House.
The Detroit News reports that the opening offer from Direct Brands, a portfolio company of the Phoenix-based private equity firm Najafi Cos., entails a $215.1 million purchase of nearly all of the bookseller’s assets and the assumption of about $220 million in liabilities.
Borders had set today as a deadline to name a stalking horse bidder, an initial bidder to make the first offer in a bankruptcy auction. The preliminary agreement establishes Najafi’s bid as the starting point; however, another company could step in with a larger offer during the auction process. Any deal will have to be approved by a U.S. Bankruptcy Court judge.
The Los Angeles-based Gores Group has been considered by may observers to be the stalking horse bidder. The company had floated a $250-million offer that would have saved about 250 of Borders’ remaining 416 outlets by transforming them into “more appealing destinations” akin to the Apple Store chain. It’s not clear how many locations Najafi would keep open.
Borders submitted an alternate proposal to the court last night that would require the liquidation by Hilco and Gordon Brothers of all of the bookseller’s assets if a sale isn’t complete by the end of the auction. According to AnnArbor.com, a liquidation would mean the loss of about 11,000 jobs.