NEW YORK ( TheStreet) -- Borders ( BGP) stock is trading lower before the bell as investors await an announcement that could close a chapter for the bookseller.

A decision about the company's future could come as early as today, as Borders is expected to meet with publishers. Borders has already met with some of these publishing big wigs, who were reportedly dissatisfied with the company's agenda.

Borders said at the end of 2010 that it may have to delay payments to some of its vendors as it attempts to negotiate new loan terms. The company 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.

As a result, some publishers have said they will temporarily halt shipping books to the company. The Wall Street Journal cited publisher Rowman & Littlefield Publishing, whose CEO told the newspaper it has stopped shipping to Borders until it has more information on its payment plans.

Speculation has arisen that Borders' only option is a Ch. 11 filing, but according to reports the company hasn't hired bankruptcy lawyers yet. Instead it may be looking to restructuring experts like Jeffries & Co., as well as FTI Consulting to help clean up its mess.

As credit concerns mount, two executives also announced their departure from the company at the start of the New Year. Thomas D. Carney, executive vice president, general counsel and secretary and D. Scott Laverty, senior vice president and chief information officer, resigned last Monday. Reasons for their departures were not provided.

In an effort to cut costs, Borders also announced on Wednesday that it will shutter its distribution center in Tennessee and lay off workers. The Nashville, Tenn. center will close in July and result in 310 layoffs. The company said the move is part of its "long-term plan to enhance the efficiency of its distribution network and reduce operating expenses."

Shares of Borders are falling 2.5% to 79 cents in pre-market trading.

--Written by Jeanine Poggi in New York.

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