Monday, September 14, 2009

Reader's Digest Files for Bankruptcy




Posted by Pete Hill

Reader's Digest Association Inc., publisher of the iconic general interest magazine that began gracing American homes in 1922, on Monday filed for Chapter 11 bankruptcy protection as it faces falling print circulation in the Internet age and looming debt payments.

Known for its heartwarming stories about American life as other publications moved toward edgier fare, the company's flagship Reader's Digest magazine has seen its U.S. circulation drop from a peek of more than 17 million in the 1970s to just above 8 million last year.

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3 comments:

  1. I can't believe that Readers Digest filed for ch. 11. I knew that a lot of companies were filing or thinking about filing for bankruptcy but I wouldn't have thought that Readers Digest would.
    -Lindsey Connell

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  2. This is easily explainable in that nearly every magazine and newspaper company are struggling with the changes in technology. The newer generations are not being raised reading the paper or magazines, they simply wake up and get news from their laptops.

    -Andrew Pia

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  3. I also can't believe they filed for chapter 11. However, I think this was destined to happen because of the internet.
    -Scott Graulich

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