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18
Feb

Readers Digest Files For Bankruptcy

By Bernard Coker

Reader’s Digest, another UK icon has filed for bankruptcy, putting more than 100 jobs under threat.

The decision by the publisher of the renowned magazine comes after it failed to achieve the required support from the UK Pensions Regulator for a pension scheme funding deal.

As a result, the publisher said it could not meet its pension obligations.

Reader’s Digest Association, its American parent group, filed for Chapter 11 bankruptcy protection last year after struggling with interest payments.

Meanwhile, the UK division has experienced cash flow problems for some time now. Administrators will now look for a buyer although the company is continuing to trade for the short-term.

The British edition of the magazine, which has more than 500,000 subscribers in the UK, has offices in Canary Wharf, east London, and Swindon, Wiltshire.

Its history dates back to the late 1930s.

Category : Economy News

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