In case you hadn't heard, Borders filed for bankruptcy today. They are also closing 30% of their stores, which include five here in Virginia.
You definitely don't want to hold on to your cards. Yes, there's a cash value, but not really until you use it at the store. If you hold it too long and they are unable to re-organize, you're treated like a creditor and you're way down the food chain when they start divvying up the pot of money at the end. In the past, I've seen paper boys get stiffed! So don't be left holding the bag --- if you have a Borders gift card, use it online or in store as soon as you can. Better safe than sorry!