It has now been announced that Jackson will keep its 'one NEW bookstore', Waldenbooks in Westwood Mall. Ann Arbor, on the other hand, is losing its anchor Borders at Arborland Shopping Center. Although as one person wrote they wondered why Ann Arbor needed three Borders stores in the first place.
It also looks like as many as an additional 100 stores could be on the chopping board as well. Instead of slashing about a third of the stores that would mean half of all stores closing.
Here's an interesting article by a former employee discussing the three things that Border's did better than anyone else.