One of America’s most historic magazines is about to file for bankruptcy. Reader’s Digest has reached a deal with its investors on a restructuring plan that likely see the publication enter into a bankruptcy agreement in order to lower its debt.
What’s unusual is that the popular mag still has one of the biggest circulations in the country, but similar issues have recently put an end to other print magazines, with attempts to reduce costs falling short.
Reader’s Digest will live on, however. In a statement, the company has said that it will “continue to operate normally throughout the restructuring process.”
At this point, it seems highly unlikely that the publication will vanish completely anytime in the near future, although, like other distressed news mags, it may have to restructure itself in order to compete down the road.
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