Reader's Digest files for bankruptcy as magazine falters
WILMINGTON - RDA Holding, publisher of the 91-year-old Reader's Digest magazine, filed for bankruptcy to cut US$465 million (S$576.6 million) in debt, Bloomberg reported on Monday.
It will focus on its North American operations as consumers shift from print to electronic media.
The company is the latest in a line of iconic businesses to have recently sought court protection from creditors, following Hostess Brands, maker of Twinkies and Wonder Bread, and Eastman Kodak, inventor of Kodachrome and the Instamatic camera.
Reader's Digest, founded by DeWitt and Lila Wallace, went public in 1990.