As a former independent bookstore worker and a loud defender of independent bookstores everywhere my response is:
Ha ha ha ha ha ha ha you fuckers!!
Borders has struggled with losses for years as it tries to adapt to a changing book industry. More people are buying books online, at discounters and other stores.
I guess online bookstores' increased sales had to come from somewhere.
We'll always have Chapters. Here's looking at you Maysie. 
Chapters is next.
Geez, your causing an awful lot of damage now that you are a civvie again.
In all seriousness, we spread our book buying over independent, chain, second- hand and online purchases. As bibliophiles Ms C. and having seen a book sale we could resist. I hope the future of book selling is not the online world. Ther is something very pleasant and soothing about browsing a book store.
Also in the department of careful what you wish for:
I dont know what kind of bankruptcy this is, but its unlikely that Borders is dissolving. And its workers, their pensions, and other benefits, are now 'creditors'. While not necessarily or maybe even likely that their pensions will be reduced massively- how much is up in the air now.
In light of the ongoing impact of the difficult economy of the past few years, and the rapidly changing retailing environment for books and related products, it is essential that Borders restructure itself to reposition its business to be viable and successful over the long term.
To that end, we have determined the best route to undertake the necessary reorganization of our business is through the filing of a petition for reorganizational relief under Chapter 11 of the Bankruptcy Code.
Yeah filing for bankruptcy brings that positive energy needed for good quality reorganizing. lmao
Through this process, we intend to put in place a sound financial structure, enhance Borders' technology to better benefit you, our customers and introduce new and exciting products related to our book offerings - all while providing you with great customer service
Maybe ya shoulda been doing that the whole time, eh?
The cases of Borders and Chapters are quite different.
I lived in Ann Arbor when Borders was "just" a great local bookstore- albeit an unusually large one. They morphed into a big box chain the same time as two competitors. All of them put there stores- and multiple stores- in every urban centre of any size. There just isnt room for all that.
Chapters is cerainly buffeted by less direct competition, but none of that competition from other megaboxes.
And be careful of what you wish for: if Chapters ends up in trouble, what drove it there will have already pushed out a slew of the remaining independents who are more exposed than Chapters. So Chapters being gone will be a pyhriic 'opportunity'.
If you want to support independent bookstores and still have online ordering, ABEBooks is pretty good for any kind of used books.
Unfortunately for those wanting to support independent bookstores, AbeBooks was bought by (I will not name the online behemoth), but Alison Bechdel calls them Medusa.com, over two years ago.
Argh!!
I was going to say, "Maysie who?", until I noticed this giveaway line:
Ha ha ha ha ha ha ha you fuckers!!
Then I remembered.
Unionist, you fickle bastard.
How soon they forget you....
