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US: Divestments couldn’t rescue drowning Reader’s Digest

By  |  February 18, 2013
US: Divestments couldn’t rescue drowning Reader’s Digest

Reader’s Digest is reportedly filing for bankruptcy, the second time the company has done so in the last four years, despite an executive shakeup and various divestments to repay debts. The family magazine has reported $1.1 billion in assets, and nearly $1.2 billion in debt. After its first bankruptcy filing in 2009, the magazine was taken over by JPMorgan Chase. Since, it has sold Allrecipes.com for $180 million and Every Day with Rachael Ray for $4.3 million to the Meredith Corporation. Robert E. Guth, Reader’s Digest’s chief executive, has said that the company plans to be out of bankruptcy protection in four months.

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