The U.S.’s second-largest bookstore chain announced Thursday that is has chosen private equity firm Najafi Companies as its so-called “stalking horse bidder,” which means it will open the bidding at the bookseller’s bankruptcy auction on July 19. Any deal would still need to be approved by a bankruptcy court.

Najafi also owns Book-of-the-Month Club, a mail-order book sales club, and Columbia House, which sells DVDs online.

...and I'm sure Najafi is bursting with cutting-edge ideas to save Borders.

-janelane