Sure, and after the Radio was invented nobody went to concerts and after the TV, VCR, and DVD nobody went to the movies.
Sorry to break it to you, but they have no debt problems and thus have zero chance of a BK filing. Total book sales are up, not down. E-books are adding to sales by bringing in the younger audience who never went to the bookstore. (just like with other content - the pie gets bigger)
And when they spin off the Nook and College Bookstores into separate divisons, the stock will hit +$30 and shorts like you will be the ones in BK.
One question - How does it feel to goto bed at night wondering if tomorrow is the day they'll announce the Re-Org and Spin-off and you lose everything. (BTW - that stop loss won't help when it gaps to $30.)