Who would have thought: Reader's Digest, one of the landmarks in publishing, is filing for bankruptcy.
Parent company Reader's Digest Association has had trouble since going private in 2007, cutting costs and trying to stay relevant in the post-ironic, niche-driven 21st-century media landscape, a place than can be tough sledding for an earnest, general-interest magazine. The magazine still maintains it is the world's largest paid circulation magazine, selling 8 million copies per month in the U.S.
The bankruptcy would apply only to Readers Digest U.S. holdings. Its businesses Canada, Latin America, Europe, Africa, Asia, Australia and New Zealand would be unaffected.
So I'll continue to receive their endless direct mail brochures, begging me to join their sweepstakes and subscribe to their magazine... I knew it was too good to be true.
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