Borders has found a buyer and if the deal goes through, the company would stay in business. Thursday evening Borders accepted a $215.1 million buyout from Direct Brands, a portfolio of Najafi Companies, which also owns the Book-of-the-Month Club.

If the deal goes through, Borders would operate as a wholly owned subsidiary of Direct Brands. And apparently the company plans to focus on its eBook business.

Mike Edwards, Borders Group President, stated: “We are pleased to take another important step forward as we position Borders for a vibrant future and sustainable earnings growth.  Since the filing, we have made significant progress in reducing our cost structure, refocusing our merchandise offering, and building our eBook business.  We look forward to working with a supportive partner as we continue to execute on our turnaround strategy.”