Borders is going into Chapter 11 (but the Norman store is not closing).  Here's the most recent news release.  (Follow this link to see the closings list.)

Borders' Business Operations Continue As Normal

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. 

Please be assured that during this reorganization period:

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