Reader's Digest files for bankruptcy

Reader's Digest to file for Chapter 11 protection

By ANDREW VANACORE, AP
2 hours ago


NEW YORK — The publisher of Reader's Digest, the country's most popular general interest magazine, said Monday it will file for Chapter 11 protection with a plan to swap a portion of its debt for ownership of the company.

Reader's Digest Association Inc., owned by the New York private equity firm Ripplewood Holdings since 2007, said Monday it has reached an agreement in principle with a majority of secured lenders to erase a portion of the $1.6 billion they hold in senior secured notes. The lenders will get ownership in return.

The planned filing, which does not include operations outside the United States, comes amid declining circulation, an industrywide advertising slump and large debts.

Reader's Digest, the monthly magazine founded in 1922 as a collection of condensed articles from other publications, has been searching for a niche as the Internet upends the magazine industry's traditional business models.

This year's ad declines saw the closing of several high-profile titles including Conde Nast's Portfolio, Domino and Blender. .............(more)

The complete piece is at: http://www.comcast.net/articles/finance/20090817/US.Reader_s.Digest.Bankruptcy/

in my grandmother's Spanish language edition.

Completely forgot about them.

I can't stand that magazine. Total fundie/right-wing propaganda tool IMHO.

In the time it takes for a bowel movement, read the condensed version of a Tolstoy novel!

:think:

I think they fancy themselves turnaround artists, but in general their MO is to suck the life out of everything they buy, then fob it off, screwing the shareholders and original investors.

It was a cover story on gay pride parades. They called it sick and warned that these perverts are out there recruiting your children. Sure wish I still had that issue.

:lol:

I AM JOE'S DEATH KNELL

... will be their last article.

Reader's Digest Condensed Books? :P

you would have to pay someone to take them....they have never had any value as long as I have been in the collector market...I had a few 20 years ago and couldn't give them away, I think I ended up burning them.

Good morning, pipoman! :hi: