ANN ARBOR (WWJ) РThe Wall Street Journal is reporting that the private equity firm that tentatively agreed to purchase bankrupt Ann Arbor-based Borders Group is having second thoughts.

Phoenix-based Najafi Cos., which owns the Book of the Month Club, is reportedly no longer interested in Borders unless its conditions are met.

Najafi said in a statement that financial advisors “have elected another option which is in contrast to what he had envisioned for the future of Borders.”

The statement goes on to say, “we remain ready, willing and able to move forward should the deciding parties instead choose to work with us and our existing offer.”

Borders entered Chapter 11 in February and has closed hundreds of stores around the country. Without a suitor, the only viable remaining option could be liquidation.

A hearing is scheduled for Thursday in bankruptcy court in New York. Competing bids must be submitted by Sunday.

Borders has about 400 employees at its headquarters in Ann Arbor.

(Copyright 2011 WWJ Newsradio 950. All Rights Reserved. The Wall Street Journal And The Associated Press Contributed To This Story.)

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