Reader's Digest Filing Chapter 11

Reader's Digest Association Inc., publisher of the country's most popular general interest magazine, says it will file for Chapter 11 protection.

It says it has reached an agreement with a majority of secured lenders to restructure its debt. Under the plan, the lenders will exchange $1.6 billion worth of senior secured notes for ownership of the company.

Reader's Digest has been hobbled by declining circulation, an industrywide advertising slump and large debts.

The monthly magazine, founded in 1922 as a collection of condensed articles from other publications, has been searching for a niche as the Internet upends the magazine industry's traditional business models.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
WITN

275 E. Arlington Blvd. Greenville, NC 27858 252-439-7777
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 53420252 - witn.com/a?a=53420252