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Another Bankruptcy - Readers digest shuts down

Readers digest file for bankruptcy

The Classic old magazine is preparing to file a pre-arranged bankruptcy in the United States, where it has prospered for years under slogans such as "America in your pocket".

The Reader's Digest, cosy standby of nervous patients in a thousand waiting rooms full of "how to" tips and jokes safe enough to tell grandmother, has become the latest victim of the recession and the internet's effect on paper publishing.

A with every bankruptcy . the readers digest bankruptcy will also affect other companies

Indian outsourcer HCL Technologies said on Tuesday that its US$350 million outsourcing contract with media company Reader's Digest Association will be unaffected by the U.S. company's financial problems.Readers-Digest shuts down

Reader's Digest plan of agreement for bankruptcy

Until recently its prosperity appeared to know no bounds; it published 50 global editions in 21 languages, but its move to seek Chapter 11 bankruptcy protection, which does not affect international editions including the British one, is a pre-emptive device aimed at freeing the company of debts to allow it to trade back to happier balance books.

The company was yesterday forced to agree a plan with its lenders that will see its ownership change hands and reduce its onerous debt level to $550m (£336m).

While the readers digest  magazine still has one of the largest circulations in the US, it would appear that the same issues that have recently sunk other print publications – like Vibe and The Seattle Post-Intelligencer – are in play here, with ongoing attempts to improve revenue and cut costs ultimately not going far enough to save the company from bankruptcy.

Australian Readers Digest Website :



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