Reader’s Digest Bankruptcy

August 17, 2009

readers digestWow, I can’t believe it! I just read that Reader’s Digest, that little publication that practically every household received in the 1980’s, is filing for Chapter 11 bankruptcy protection.

There weren’t many details given in that article I linked to, but apparently the Chapter 11 reorganization will allow RD to slash its debt from $2.2 billion to $550 million, which seems like a pretty good deal. Then, if they can get more advertisers on board, switch over to low cost health insurance for employees, and find other ways to save, maybe they can emerge as a healthy enterprise once again.

Granted, I haven’t read RD since I was a kid, but still… it’s one of those institutions from my childhood that I thought would always be around, ya know?

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