Reader’s Digest Files for Chapter 11 Bankruptcy Reorganization
By Brett Weiss, Maryland Bankruptcy Attorney on Aug 18, 2009 in Chapter 11 Bankruptcy
Reader’s Digest, founded in 1922 and America’s best selling consumer magazine, said Monday that it would be filing for Chapter 11 reorganization.
From a high of 18 million copies a month in the 1970’s, subscriptions had declined to less than 9 million. Reader’s Digest, which will continue to publish, plans to use Chapter 11 to cut its debt from $2.2 billion to about $550 million.
In addition to Reader’s Digest, global editions reach an additional 40 million people in more than 70 countries, with 50 editions in 21 languages. The company also has a number of other media ventures, including the magazine Every Day with Rachel Ray and the website allrecipes.com.
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