Deathwatch: Reader's Digest sinks into administration
Unless the fortunes of the magazine can be turned around, dentists across the country will be forced to find alternative publications with which to fill their waiting rooms. Jamie Oliver’s own magazine and Razzle are believed to be waiting in the wings.
The move came after talks between the Digest’s US parent company and the UK Pension Regulator broke down over a £125 million deficit in the Digest’s pension fund in the UK. In the US, the magazine’s publishers filed for Chapter 11 bankruptcy protection and the magazine has struggled to overcome the fact that its readership has got older and in many cases, died.
117 jobs are at stake if the magazine closes in the UK. If you never believed the letters from Reader’s Digest informing you that you may have won £250,000, it’s probably not a good idea to start believing them now.
TOPICS: High Street News