NEW YORK ( TheStreet) -- Borders ( BGP), looking to avoid a bankruptcy filing, is in talks with restructuring advisors, according to reports.

The Wall Street Journal reported that the bookseller has been in discussions with firms that have worked on many high-profile bankruptcies and other restructuring deals, citing people familiar with the matter.

But it doesn't appear Borders has plans to hire bankruptcy and restructuring lawyers, according to the Journal's sources.

This comes after earlier in the week the Journal also reported that one of Borders' major suppliers is temporarily halting the shipment of books to the retailer. The report cited publisher Rowman & Littlefield Publishing, whose CEO told the Journal that it has stopped shipping to Borders until it has more information on its payment plans.

Borders said in the end of December that it may have to delay payments to some of its vendors as it attempts to negotiate new loan terms.

Borders has also warned that delaying these payments may result in a violation of the terms of its existing credit agreements in the early part of the year, and that it could experience a liquidity shortfall.

On Monday, Borders also announced the resignation of two executives, Thomas D. Carney, executive vice president, general counsel and secretary; and D. Scott Laverty, senior vice president, chief information officer. Reasons for their departures were not provided.

--Written by Jeanine Poggi in New York.

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