Billionaire Alec Gores in talks to buy part of Borders

The struggling bookstore chain, now in bankruptcy protection, has been searching for buyers, the WSJ is reporting. Under the deal being considered, L.A.-based Gores Group (that's separate from Platinum Equity, which is owned by Alec's brother Tom) would pick up more than 200 of the 405 remaining stores. Other unnamed suitors are talking to the company.

Borders has been trying to develop a reorganization plan and emerge from bankruptcy protection by summer's end. But some publishers have balked at its business plan, and have been effectively demanding cash in advance for new books, a departure from normal trade terms in which the company pays for goods received months later. Borders owes large publishers about $182 million. Borders' sales process is "at its most sensitive stage," the company disclosed in recent court papers.