I think that way too many gamers think that their personal experiences reflect the whole of the industry. Sure the closing of a chain like Borders can impact a publisher. However, given how poorly Borders has been doing for years, a publisher would be pretty foolish to rely on a failing chain as a cornerstone for its sales.
Capitalism, generally speaking, works. A business fails, a new one emerges. Today's king-of-the-hill can be tomorrow's chump if the new kid finds a better business model. Sure, there are dependencies that can positively or negatively impact a business, but by and large it's not an interdependent house of cards where the removal of one company/entity undoes everything.
So I think the RPG industry doom-and-gloom is a bit premature.
Many gamers talk about the big brands hurting the small bookstore or the FLGS. They scorn Internet purchasers for feeding the corporate giant at the expense of the little guy.
BS
I've been playing RPGs for close to 30 years. My experience, based upon where I've lived at various stages in my life, is that the LGS, let alone the "F"LGS is a rare breed.
In my pre-Internet youth, I was dependent upon Waldenbooks and the like. When they failed to stock RPG product, I had no alternative.
Over the course of my gaming life, I've had 3, count 'em - 3, LGS and each was over an hour from my home, so "local" was relative. The first one I ever went to was a store in Boardman, OH that I had seen advertise in Dragon. My parents took me there and my expectations of entering a RPG Nirvana were dashed by a poorly lit building run by a jacka%$ that, despite his empty store, couldn't be bothered by a teenager asking some questions about prices or games.
Now that's just my experience, and I'm sure that there are many great stores out there. My point is that not everyone has the option to use them.
In my life as an adult gamer, I still buy the occasional book at a B&N or other bookstore, but often they're not carrying what I'm seeking. White Wolf games & 4e hold no interest for me. During the 3e era, I could occassionally find WotC content I wanted.
Lacking a gaming store, my alternative was online purchases. So while I'm all for supporting the local economy, from a RPG perspective, the local economy ain't supporting me. Thank God for the Internet.
As for anecdotal industry health, my annual RPG spend now probably exceeds the inflation-adjusted spend of my 1st decade of gaming.
Today, I can browse the internet for RPG products that I may like, I can order them from the comfort of my home, I can often save on shipping or tax, I didn't expend any gasoline and my purchase volume is LARGER than at any other time. As a Pathfinder fan, I can purchase subscriptions that net me a discount (that effectively covers shipping), an electronic version of the product, or both!
When Borders, B&N, or game stores can provide a value-add that outweighs the above, then they can have my business. Until then, I'm going to enjoy my Golden Age of Gaming.