It's been seeming likely that this would happen for quite a while, but now it's actually happened. Borders has declared bankruptcy. They aren't completely liquidating; from what I understand, they got a loan to keep some of the stores running for at least a while longer, but they're essentially gone.
And that makes me sad, because I remember how I felt when I went into a Borders. Given that Waldenbooks (owned by Borders; not sure if they're now all gone), B Dalton (later bought out by Barnes and Noble; not sure if any of these are still around), and Crown Books (became, or were bought by, Books-A-Million some years ago) were the only bookstores at the time, it was really exciting to see how many options were available in a Borders.
But I can see how I didn't help keep them around, either, despite how cool I used to find them. I haven't bought a book at full price at Borders in years. When they've had 30-50% coupons, I've bought a few books here and there, but I've mostly bought all my books at Amazon for many years.