Borders closes for good - what consumers need to do next:

Consumer Reports experts suggest consumers take the following steps when dealing with bankrupt businesses:

• Use any Borders or Waldenbooks gift cards immediately or you'll run the risk of the cards soon becoming worthless.

• Resist the urge to splurge. As we've found with previous chain closings, retailers can sometimes charge more at liquidation sales.

• Pay by credit card. If you have issues with your purchases, you may be able to dispute the charge with your credit card company. This is especially useful for CDs, DVDs, computer software, audiobooks, and e-book readers such as the Kobo Wireless eReader.

And in regard to the Kobo e-reader, current owners shouldn't immediately worry over the future of their device. In a statement released to Forbes, the Toronto-based Kobo start-up said:

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In June Kobo and Borders began transitioning Borders’ customers’ eBook accounts to Kobo to provide direct access to the most up to date eReading functionality, apps, and devices. Kobo owners will continue to use their eReader devices as usual and browse and shop for new titles in the Kobo Store with no interruption in service.

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The e-reader company, which Borders had a minority stake in, says its Kobo eReaders will still be available at other retailers such as Best Buy, Sears, and Walmart.