Retail Roundup: Borders finds a buyer, Costco pulls pork products after animal rights video, Gap to open stores in Africa
-- Bankrupt bookstore chain Borders has found itself a buyer. Phoenix-based Najafi Cos. has agreed to pay $215 million for the company, which filed for bankruptcy in February, and would assume $220 million in debt. The "stalking horse" bid still needs to be approved in bankruptcy court and a higher bidder could emerge. If the deal goes through, it would rescue Borders, which has struggled as more consumers turn to discounters and online retailers to buy books, from liquidation.
-- Warehouse club Costco will no longer carry products from Iowa Select Farms after an undercover video was released showing pigs there being mistreated. The animals were shown being thrown, slammed to the ground and castrated without anesthesia. The action by Costco follows similar moves by Safeway and Kroger to pull the company's pork products from their shelves.
-- Gap and Banana Republic plan to open stores in Morocco this year as part of an ongoing international push. Gap will also open a store in Egypt.
-- Andrea Chang