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There is still a large market for bookstores, and B&N should get some relief, as the customers who formerly shopped at Border's will now go to B&N - probably almost doubling their potential customers.
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That is a possibility but I think is more likely is a significant share of Borders book business will be lost. I read in England (I believe the article was on Teleread) 50% of Borders sales were probably lost and not picked up by other book sellers. The thinking was impulse buyers and buyers looking for Christmas, Birthday, gifts etc., who dropped into the local book store, out of convince, dropped into some other kind of store to buy their gifts or satisfy their shopping impulse.
I also have concerns about other ripple effects. I live in a city where Borders had eight locations, (three closed after the initial announcement) within twenty to thirty miles from me. What concerns me is that's eight malls/shopping centers who will be losing their lead stores.