Deathwatch: Reader's Digest sinks into administration

17 February 2010

deathwatch The latest name to be carved into the gnarled Deathwatch tree isn’t a high street name but is still an institution – Reader’s Digest’s UK arm has gone into administration with 117 jobs at risk.

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

6 comments

  • IanPeters
    how can 117 employees create a £125 million deficit - granted it will include past employees as well but just what kind of gold coated pension do they have ?
  • LB33
    You'll probably see Royal Mail going under soon - the amount of unsolicited crap Reader's Digest send out each week is probably keeping them afloat...
  • isaac h.
    Pleased to see the back of the shit they post out
  • Boris H.
    Razzle in the dentists waiting room.. now that's an incentive to pop along for my 6monthly check up. Only thing is I'd probably end up trying to shove one up my hygienist.
  • Drunkmonkey
    Cash4gold now have created 117 staff vacancys in light of this news...
  • Nobby
    I hope they pulp Jamie Oliver. And any remaining copies of his magazine.

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