I don’t think that is it. Barnes & Noble seems to be doing far better after responding to the explosion of Borders as a super-bookstore and also knowing that on-line was important.
The Borders in this area started declining and closing a few years ago. They stopped providing the kind of content that I once went there for and their reduced presence in some malls is of no benefit in my particular case.
What’s interesting is that amazon.com is blamed for the demise of the small local bookstores, yet if you talk to the surviving ones, specialty ones in particular, the Internet and the amazon.com long-tail support for used and new sellers is credited with their thriving by having many more distant customers. I just obtained 7 out-of-print books through amazon.com and none were amazon stock, though several were fulfilled by amazon, another service they provide along with a single payment system across all of their sellers.