Reader’s Digest files for bankruptcy

Believe it or not, 91-year-old Reader’s Digest magazine is bankrupt!

To get rid of debt of nearly $465 million, RDA Holding, the famous publisher of iconic magazine Reader’s Digest, has filed for bankruptcy on Sunday in US Bankruptcy Court in White Plains, New York.

Reader’s Digest, general interest family magazine, founded by DeWitt and Lila Wallace in 1922, was bought by Ripplewood Holdings in 2007 for $1.6 billion.

In an interview on Sunday, Robert Guth, CEO – Reader’s Digest, said, “We have had an ongoing process to simplify and rationalize our international business by licensing our local markets to third parties, to other publishers, to other investors and that has been a big part of our effort to streamline the company and bring in proceeds to bring down debt.”

RDA Holding publishes 75 magazines globally including Reader’s Digest, Taste of Home, the Family Handyman and Birds & Blooms.

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