The company that publishes Reader's Digest, one of America’s most iconic magazines, has filed for bankruptcy.
Citing the need to cut $465 million in debt, executives with RDA Holding Co., which puts out the monthly Reader's Digest, said the losses stem from readers’ preference for electronic over print media, Bloomberg reports. The magazine will still be published; the company said it will turn focus to North America operations in order to trim costs, Bloomberg said.
Reader's Digest is just the latest in string of American iconic companies to hit hard times. Hostess Brands Inc., maker of Twinkies and Wonder Bread, as well as Eastman Kodak Co. — inventor of the Instamatic camera — sought bankruptcy protection in the past year, Bloomberg reported.
© Copyright 2013 The Washington Times, LLC. Click here for reprint permission.
Cheryl Chumley is a continuous news writer for The Washington Times. Previously, she was part of the start-up team for The Washington Times’ digital aggregation product, Times247. She’s also a 2008-2009 Robert Novak journalism fellow with The Phillips Foundation. She can be reached at firstname.lastname@example.org.
By Elaine Donnelly
Extending sexual misconduct to combat units
Independent voices from the TWT Communities
Video reviews of today's hottest trends in Minecraft (servers and mods) along with a look at the latest video games with your host MCairsoft14 (alias Jerad Zad).
Covering the world of soccer, including the World Cup, Major League Soccer, D.C. United and the English Premier League and other interesting sporting events.
Contributions to the Communities Sports desk from readers.
Straight talk on climate science, energy economics, and public policy.
Benghazi: The anatomy of a scandal
Vietnam Memorial adds four names
Cinco de Mayo on the Mall
NRA kicks off annual convention