Bankruptcy of Reader Digest...?
2:50 AM
OMG!! I heard of this news a few weeks ago and I never believed it and then I found out this is a true news after flipping through the newspaper!! The news said this renowned magazine, Reader Digest is heading bankruptcy due to debts... =.=" (perhaps because of economic crisis in US?) I never thought this could be real. Though the company has not yet reach to that extent yet.
This is quoted from the newspaper:
"One of America’s most iconic names in print media is set to file for bankruptcy. According to The Wall Street Journal, Reader’s Digest has “reached an agreement with its lenders on a restructuring plan that it will likely complete under a prepackaged bankruptcy filing in order to reduce its debt.”
While the magazine still has one of the largest circulations in the US, it would appear that the same issues that have recently sunk other print publications – like Vibe and The Seattle Post-Intelligencer – are in play here, with ongoing attempts to improve revenue and cut costs ultimately not going far enough to save the company from bankruptcy.That said, for now, it appears that Reader’s Digest will survive, as the company says in a statement that it will “continue to operate normally throughout the restructuring process.” With an incredibly well-known brand, it’s unlikely the publication will disappear completely anytime soon, though, like other troubled print media, it may have to take on a much different, more digitally focused approach to survive in the long run."
Hopefully it won't go bankrupt after all it is one of my favorite magazine!!
This is quoted from the newspaper:
"One of America’s most iconic names in print media is set to file for bankruptcy. According to The Wall Street Journal, Reader’s Digest has “reached an agreement with its lenders on a restructuring plan that it will likely complete under a prepackaged bankruptcy filing in order to reduce its debt.”
While the magazine still has one of the largest circulations in the US, it would appear that the same issues that have recently sunk other print publications – like Vibe and The Seattle Post-Intelligencer – are in play here, with ongoing attempts to improve revenue and cut costs ultimately not going far enough to save the company from bankruptcy.That said, for now, it appears that Reader’s Digest will survive, as the company says in a statement that it will “continue to operate normally throughout the restructuring process.” With an incredibly well-known brand, it’s unlikely the publication will disappear completely anytime soon, though, like other troubled print media, it may have to take on a much different, more digitally focused approach to survive in the long run."
Hopefully it won't go bankrupt after all it is one of my favorite magazine!!
