Borders Group (PINK:BGPIQ) announced that it has entered into an asset purchase agreement with Direct Brands, a portfolio company of Najafi Companies, and intends to move ahead with submitting the agreement to the Court to serve as the "stalking horse" bid for a Court-supervised auction of the business under Section 363 of the U.S. Bankruptcy Code.Under the terms of the agreement and subject to further due diligence, Direct Brands would purchase substantially all of the company’s assets for $215.1M plus the assumption of approximately $220M of liabilities. If consummated and under the terms of the agreement, Borders would operate as a wholly owned subsidiary of Direct Brands. The company anticipates completing the sale process by late July.