Tuesday, August 25, 2009

Reader's Digest files for bankruptcy!

Just read the grapevine that the US units of Reader's Digest filed for bankruptcy! Luckily, operations in Canada, Latin America, Europe, Africa, Asia and Australia-New Zealand are not part of the bankruptcy filing. I've been reading Reader's Digest for more than a decade now I think, and I like the stories and information it has been providing. Their interviews with celebrities sometimes can be thought provoking. I would miss it if its no more.

Apparently, Reader's Digest is using this bankruptcy filing, otherwise also known as Chapter 11, to transfer ownership to their group of lenders and cut debt. They do not plan to lay off any employees or sell any units in its restructuring.

Hope they use this chance to also see if they can add any more value to loyal readers like us. Good luck Reader's Digest.

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