Reader's Digest Files for Bankruptcy
The parent company of Reader's Digest magazine, RDA Holding Co., filed for bankruptcy Monday as part of a financial restructuring move that includes shrinking its $465 million debt.
This is the second time in four years that the iconic print magazine has faced bankruptcy. In 2009, its then debt-laden publisher Reader's Digest Association Inc., also filed for bankruptcy. In 2010, the company emerged from bankruptcy after being taken over by its lenders.
This is very sad news. I hope they can find a way to survive because I still believe that there's still room for the print industry to thrive in the digital age
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