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Columbia House Parent Makes Offer to Buy Borders

1 Jul, 2011 By: Erik Gruenwedel

Direct Brands, parent of mail-order disc service Columbia House, among other services, has put in an offer to purchase bankrupt Borders Group Inc.

The deal includes the Michigan-based bookstore company’s assets for $215.1 million plus assuming $220 million of liabilities.

The transaction is subject to bankruptcy court approval.

Mike Edwards, Borders Group president, said, “We look forward to working with a supportive partner as we continue to execute on our turnaround strategy.”

Borders filed Chapter 11 in February, announcing plans at the time to close about a third of its stores.

Meanwhile, Direct Brands July 1 launched the first-ever consumer Blu-ray Disc Club (www.columbiahouse.com/blu-ray) that allows members to purchase up to two catalog movies a month for $5.99 each from Columbia House.

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