US publishing group Reader’s Digest has announced it will file for bankruptcy as the company sinks under piles of debt.
The company will file for Chapter 11 bankruptcy protection as a result of declining circulation, an industry-wide advertising slump and large debts. However, this will only apply to the groups’ US operations, with Reader’s Digest Australia unaffected.
Reader’s Digest Australia managing director Walter Beyleveldt said in a statement that the announcement would not affect the Australian company and that it will be “business as usual.”
“In Australia, Reader’s Digest remains the second highest circulating monthly magazine in the country,” he said.
