A Reuters wire story says Borders is “reviewing bids from liquidators to close hundreds of stores as it works out the final details of its impending bankruptcy filing …” The report says the company plans to close “about 200 of its 650 stores,” consisting of a mix of Broders and Waldenbooks stores. The report says that the bidding liquidators include Tiger Capital Group, SB Capital Group, Gordon Brothers Group and Great American Group.

However, according to the report “One sticking point for the liquidators is that publishers want a say in the price of books in store closing sales.”

Reportedly,

The talks with publishers center around an agreement to pay some of the money currently owed to publishers in return for agreements to extend a similar amount of credit to the book chain in bankruptcy. While such an agreement might not put any money in the publishers’ pockets, it could move some of the credit closer to the front of the line for repayment in the bankruptcy, sources said.

… The company owes tens of millions of dollars to six major publishers for books that were shipped last year, sources said. Some publishers have stopped shipping to the company.

In addition, the publishers want some form of collateral for the credit they supply once the company is in bankruptcy.