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World News

Reader's Digest files for bankruptcy

The publisher of Reader's Digest said Aug. 17 it will file for Chapter 11 protection with a plan to swap a portion of its debt for ownership of the company. Reader's Digest CEO Mary Berner insisted, though, that the company's U.S. magazines remain strong. She said Reader's Digest titles rely less on luxury brands and high-income tastes, giving them an added appeal in a recession that has clobbered much of the print media industry. (AP)

Shukan ST: August 28, 2009

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World News Reader's Digest files for bankruptcy The publisher of Reader's Digest said Aug. 17 it will file for Chapter 11 protection with a plan to swap a portion of its debt for ownership of the company. Reader's Digest CEO Mary Berner insisted, though, that the company's U.S. magazines remain strong. She said Reader's Digest titles rely less on luxury brands and high-income tastes, giving them an added appeal in a recession that has clobbered much of the print media industry. (AP) Shukan ST: August 28, 2009 (C) All rights reserved