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Looks like it's true. Here.
Of course, they may ultimately win their lawsuit and come back in another form, but don't count on them having your library still. Sounds like they're having server problems with the multiple email notices and no links to download purchased books. I've also see where they're no longer taking orders, and one complaint that a gift-card balance had disappeared.
Hope everyone is always backing up, and be careful with how many credits/rewards/gift card balances you keep at any one place. Don't leave more on-line than you are prepared to lose.