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There's rumored to be a internal memo saying not to take more than one at the stores, but I don't see how they can really enforce that. These aren't special Groupon GCs, they are just normal B&N GCs. So unless B&N has decided to curtail GC use, then there's nothing they can really do. Many stores are still taking as many as you want to use.
For Californians, there's no risk. Even if B&N offically decides to only accept one GC per transaction and you don't won't to be saddled with GCs you won't or don't want to use, just wait until April when the $10 promotion value evaporates. Then they are just $10 GCs. At that point B&N has to cash them out for you. It's California law. I do it all the time at Target. Whenever they have a sale where they give you a $5 giftcard to buy an item, I held over to the customer service desk right after checking out. I hand it to them and they hand me a $5 bill.
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