Reader's Digest Bankrupt

Moejoe · 08-24-2009, 02:08 PM

Quote:

Reader's Digest Association Inc., publisher of the iconic general interest magazine that began gracing American homes in 1922, on Monday filed for Chapter 11 bankruptcy protection as it faces falling print circulation in the Internet age and looming debt payments.

http://www.google.com/hostednews/ap/...abqBAD9A997F00

Nate the great · 08-24-2009, 02:10 PM

That's not that big of a surprise. Short fiction magazines have been on the decline for nearly a decade now.

Sparrow · 08-24-2009, 02:17 PM

Their 'prize draw' junk mail was a widely resented nuisance in the UK.

"You have been specially selected..."

I think a lot of people will be glad to see the back of them.

alecE · 08-24-2009, 02:18 PM

Well, de mortuis etc., but at last, a chance to escape from their mailing lists!

acidzebra · 08-24-2009, 02:26 PM

Quote:

Originally Posted by alecE

Well, de mortuis etc., but at last, a chance to escape from their mailing lists!

Their mailing lists were sold to a shady Russian company

DixieGal · 08-24-2009, 02:32 PM

Aww, that's too bad! My grandparents had big ancient stacks of them, so I read my way through them as a bored adolescent staying at the farm during childhood summers. I had a subscription up until about 2 yrs ago, when I got to the point where I could not read even the large print editions. It's a magazine that I loved for most of my life, and I'm sad to see it go.

bill_mchale · 08-24-2009, 02:39 PM

Folks,
Reader's Digest is not going anywhere, at least not in the near term. Bankruptcy does not necessarily mean going out of business. And even if the company went belly up, Reader's Digest still has a large enough circulation that some other media company likely would pick up the magazine itself.

--
Bill

Hellmark · 08-24-2009, 04:50 PM

They filed chapter 11, which allows for reorganization of assets, NOT liquidation of assets.

bill_mchale · 08-24-2009, 04:55 PM

I think the problem here is that a number of the earlier readers/posters are from Europe where bankruptcy is far more likely to mean liquidation of the company.

Also, I think there is some confusion between Reader's Digest the company and Reader's Digest the magazine. Like I said earlier, if the company was liquidated, its most valuable asset is almost certainly the magazine; it would almost certainly be bought by some other publisher for the millions of subscribers it currently has.

--
Bill

Dave Berk · 08-24-2009, 05:06 PM

I learned English reading Reader's Digest mags in the john. It will always hold a special place in my heart...

Toshanda · 08-24-2009, 05:27 PM

Quote:

Originally Posted by acidzebra

Their mailing lists were sold to a shady Russian company

What is up with all of the "Russian" comments??? Mainling list goes missing - Russians!!! Nuke gets misplaced - Russians!!! Judge of a supreme court gets popped - oh noes, the Russians!!! Why can't we blame something like Madagascar... that is one shady island-country...
or even "blame Canada", Sarah Palin can see them too...

Hellmark · 08-24-2009, 05:43 PM

Most of us spent most of our lives hating the russians?

Be Szpilman · 08-24-2009, 07:48 PM

Quote:

Originally Posted by Hellmark

Most of us spent most of our lives hating the russians?

But from Russia, they've sent so much Love. I mean, I think it's pretty disarming (no pun intended).

carlobee · 08-24-2009, 09:11 PM

oh no. that's bad news but really expected. i used to have a subscription from them. i remember the last magazine i received was the one where Pope John Paul II was in the cover.

fugazied · 08-24-2009, 09:21 PM

Dissapointing, I also grew up on Readers digest, reading them after my grandparents. I just hope this isn't another indication that as a society we are reading less and less.

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08-24-2009, 02:10 PM	#2
Nate the great Sir Penguin of Edinburgh Posts: 12,375 Karma: 23555235 Join Date: Apr 2007 Location: DC Metro area Device: Shake a stick plus 1	That's not that big of a surprise. Short fiction magazines have been on the decline for nearly a decade now.

08-24-2009, 02:17 PM	#3
Sparrow Wizard Posts: 4,395 Karma: 1358132 Join Date: Nov 2007 Location: UK Device: Palm TX, CyBook Gen3	Their 'prize draw' junk mail was a widely resented nuisance in the UK. "You have been specially selected..." I think a lot of people will be glad to see the back of them.

08-24-2009, 02:18 PM	#4
alecE Evangelist Posts: 412 Karma: 546196 Join Date: Mar 2009 Location: UK canal boat Device: sony prs505, prs650, kobo Glo HD liseuses	Well, de mortuis etc., but at last, a chance to escape from their mailing lists!

08-24-2009, 02:32 PM	#6
DixieGal Hi There! Posts: 7,473 Karma: 2930523 Join Date: Feb 2008 Location: Ft Lauderdale Device: iPad	Aww, that's too bad! My grandparents had big ancient stacks of them, so I read my way through them as a bored adolescent staying at the farm during childhood summers. I had a subscription up until about 2 yrs ago, when I got to the point where I could not read even the large print editions. It's a magazine that I loved for most of my life, and I'm sad to see it go.

08-24-2009, 02:39 PM	#7
bill_mchale Wizard Posts: 1,451 Karma: 1550000 Join Date: Sep 2008 Location: Maryland, USA Device: Nook Simple Touch, HPC Evo 4G LTE	Folks, Reader's Digest is not going anywhere, at least not in the near term. Bankruptcy does not necessarily mean going out of business. And even if the company went belly up, Reader's Digest still has a large enough circulation that some other media company likely would pick up the magazine itself. -- Bill

08-24-2009, 04:50 PM	#8
Hellmark Wizard Posts: 2,549 Karma: 3799999 Join Date: Jun 2009 Location: O'Fallon, Missouri, USA Device: Nokia N800, PRS-505, Nook STR Glowlight, Kindle 3	They filed chapter 11, which allows for reorganization of assets, NOT liquidation of assets.

08-24-2009, 04:55 PM	#9
bill_mchale Wizard Posts: 1,451 Karma: 1550000 Join Date: Sep 2008 Location: Maryland, USA Device: Nook Simple Touch, HPC Evo 4G LTE	I think the problem here is that a number of the earlier readers/posters are from Europe where bankruptcy is far more likely to mean liquidation of the company. Also, I think there is some confusion between Reader's Digest the company and Reader's Digest the magazine. Like I said earlier, if the company was liquidated, its most valuable asset is almost certainly the magazine; it would almost certainly be bought by some other publisher for the millions of subscribers it currently has. -- Bill

08-24-2009, 05:06 PM	#10
Dave Berk Fanatic Posts: 574 Karma: 138556 Join Date: May 2006 Device: PRS505	I learned English reading Reader's Digest mags in the john. It will always hold a special place in my heart...

08-24-2009, 05:43 PM	#12
Hellmark Wizard Posts: 2,549 Karma: 3799999 Join Date: Jun 2009 Location: O'Fallon, Missouri, USA Device: Nokia N800, PRS-505, Nook STR Glowlight, Kindle 3	Most of us spent most of our lives hating the russians?

08-24-2009, 09:11 PM	#14
carlobee Fanatic Posts: 535 Karma: 972 Join Date: Jul 2009 Device: The new iPad	oh no. that's bad news but really expected. i used to have a subscription from them. i remember the last magazine i received was the one where Pope John Paul II was in the cover.

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08-24-2009, 09:21 PM	#15
fugazied Wizard Posts: 1,305 Karma: 1958 Join Date: Jan 2009 Device: iPod Touch	Dissapointing, I also grew up on Readers digest, reading them after my grandparents. I just hope this isn't another indication that as a society we are reading less and less.