This reorganization is going to have a huge impact on the publishing industry: Borders is still responsible for somewhere around ten percent of the bookselling market, and it is the only physical bookseller in many markets. We'll be seeing repercussions of this for a long time to come.
UPDATE 10:19am: Kobo just posted a change to their FAQ saying that if you have bought e-books through Borders, you are not in danger of losing them:
Your ebook library is perfectly safe. The Borders ebook experience is powered by Kobo, an entirely separate company from Borders. Kobo is financially secure and will continue to maintain your ebook library no matter what happens.