Borders Is Bankrupt. Use Your Gift Cards Now!

As expected, second-tier book chain Borders filed for bankruptcy today, after a last-ditch effort at a lifesaving loan failed. The company now says it will be closing 30% of its stores—nearly 200 locations—over the next several weeks. But...but what about my gift card?

On its website Wednesday, Borders told customers that it will continue business operations "as normal." All reward programs and gift cards will be honored, the company says.

Sure, sure. Excuse me, I'm just going to sprint to Borders as fast as possible and use my gift card on anything with cash value that I might be able to sell on Craigslist. BRB.

[Photo: AP]