Reader’s Digest files for bankruptcy
- Published: 18 Feb 2013 at 11.54
- Online news: News
RDA Holding Co, publisher of the 91-year-old Reader's Digest magazine, has filed for bankruptcy to cut US$465 million in debt and focus on North American operations as consumers shift from print to electronic media.
The company's bankruptcy filing, its second in less than four years, is the latest in a line of iconic businesses that have recently sought court protection from creditors, following Hostess Brands Inc, maker of Twinkies and Wonder Bread, and Eastman Kodak Co, inventor of Kodachrome and the Instamatic camera.
AP Photo
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