Reader's Digest Is Bankrupt (Again) as Iconic Publisher Falters
RDA Holding Co., publisher of the 91-year-old Reader's Digest magazine, has filed for bankruptcy protection to cut $465 million in debt and focus on North American operations as consumers shift from print to electronic media.
The company is the latest in a line of iconic businesses to have recently sought court protection from creditors, after Hostess Brands Inc., maker of Twinkies and Wonder Bread, and Eastman Kodak Co., inventor of Kodachrome and the Instamatic camera. It's also the latest sign of struggle for traditional media companies that were once unstoppable juggernauts. Time Inc., most recently