Report: Phoenix investor competes with Alec Gores in bid for Borders Group

Alec Gores, brother of Pistons owner Tom Gores, may have a competitor in his bid for a chunk of the bankrupt Borders Group Inc.

Citing unidentified sources, The Wall Street Journal reported today that the Phoenix-based private equity firm Najafi Cos. is negotiating a bid that will compete with the bid being negotiated by Los Angeles-based Gores Group LLC to acquire most of the remaining superstores.

Calls and emails by Crain's to both firms were not returned this morning.

Ann Arbor-based Borders filed for bankruptcy protection in February and has been working on two potential outcomes: reorganize or sell the company in parts.

Last week, a U.S. Bankruptcy Court judge in New York gave the company an extension to continue working until October on a plan to reorganize and emerge from bankruptcy.

Last week, lawyers for Borders said in court that multiple bidders are interested in buying parts of the company, but they declined to identify the entities.

Najafi, founded by CEO Jahm Najafi in 2002, has made a range of investments in technology and media companies, according to its website. The company also has a stake in the Phoenix Suns of the National Basketball Association , with Jahm Najafi as vice chairman of the team.

Also today, AnnArbor.com reported that Borders is considering moving its corporate headquarters to the Grace Lake Corporate Center in Wayne County's Van Buren Township, a campus of office buildings formerly known as Visteon Village.

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