UPDATED, 2/16/11: Borders Group, the chain that helped introduce mega book stores into every nook and cranny of America, filed for bankruptcy protection.

In a statement, the company said:

It's hard to imagine we'd be feeling nostalgic for Borders, which many small town book sellers believe was a killer for their businesses.

Still, the bankruptcy filing is a sad capstone for the 40-year-old Borders. The retailing pioneer and 1990s high flier had an all-time-high stock price of nearly $40 in 1998. Now, it's stock price is sinking to about 15 cents in pre-market trading Wednesday.