This is rather a surprise, i mean i knew the brick and mortar bookstores weren't doing well, but i always figured Borders was going to go down before B&N did. B&N has the Nook and an actual online presence (not like Borders' redirected Amazon store) and Borders always seemed a little lost and confused to me.
_Hopefully_ it will be bought up by someone who's interested in keeping it going in something resembling its current form. One of the potential buyers is actually the founder, who currently has 30% of the stock, and another is some random billionaire who seems to make a habit out of getting controlling interest in a numerous and diverse set of companies, but also seems to make a habit of not driving them into the ground after acquiring them.
The alternative of not having anywhere nearby to go physically browse through new books is pretty depressing =/