A PYMNTS Company

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

By  |  February 18, 2013

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.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    Subscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

     

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    Full Content: Deal Book

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.