Is Nothing Sacred in This Recession? Reader's Digest Set to File for Bankruptcy

[steven johnson]

Looks like another icon bites the dust.

Reader's Digest -- an American media icon of the 20th century, thanks to its inspiring, safe-for-family-reading articles and folksy, cornpone humor -- is planning to file for Chapter 11 bankruptcy reorganization.
Parent company Reader's Digest Association has had trouble since going private in 2007, cutting costs and trying to stay relevant in the post-ironic, niche-driven 21st-century media landscape, a place than can be tough sledding for an earnest, general-interest magazine. The magazine still maintains it is the world's largest paid circulation magazine, selling 8 million copies per month in the U.S.
The bankruptcy would apply only to Readers Digest U.S. holdings. Its businesses Canada, Latin America, Europe, Africa, Asia, Australia and New Zealand would be unaffected. The publication has offices in 44 nations, a testament to the magazine's onetime ability to distill and distribute content around the world.
“Restructuring our debt will enable us to have the financial flexibility to move ahead with our growth and transformational initiatives,” president and chief executive Mary Berner said in a statement.



Is Nothing Sacred in This Recession? Reader's Digest Set to File for Bankruptcy

[DebbieCDC]

1. Good riddance to another RW rag

[lob1]

2. Readers Digest printed a condensed version of this story.

[peace13]

3. 'Restructuring our debt will enable us to have the financial flexibility to move ahead '

Oh that congress would have granted such a vessel for the American people to regroup and move ahead! One more corp balancing its bad debt on the backs of the American people. Hate to see the rag go though...it's just the right size for toilet paper.

[sinkingfeeling]

4. One tacky magazine I won't miss.

[Ernesto]

5. You miss-spelled the name.............

It is actually "Reader's Disgust"!

[dixiegrrrrl]

6. Oh noes !!!! what will happen to Rick Warren's book deal and tie-in with them.????

They had a couple of magazines we did like, nature stuff, that i cancelled once I found out they had signed Ricl Warren of Saddleback Church, giving him a tie in with their magazines and also a book deal.

What? not enought RW subscribers to keep afloat?
Or did the TW who could read just die off?

[IrateCitizen]

7. If you don't know what's "sacred" in this recession by now...

... you haven't been paying attention.

Goldman Sachs
J.P. Morgan Chase
Citibank
Bank of America
A.I.G. (primarily due to payouts due to the parties mentioned above)

Those are what is now "sacred" in American culture. :puke: