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Home > BizTimes Daily > Archives > March 4, 2009
Report says Reader's Digest may be headed for bankruptcy
Published March 4, 2009 - BizTimes Daily
Reader's Digest Association Inc., which acquired Reiman Publications in Greendale in 2002 for $760 million cash, has hired Kirkland & Ellis as legal advisors to evaluate restructuring options, including a potential bankruptcy, according to a report by Bloomberg news.
The report said Kirkland & Ellis was asked by the company to examine options such as a pre-packaged or a pre-arranged bankruptcy for the magazine publisher.
Reader's Digest spokesman William Adler declined to comment.
The Pleasantville, N.Y.-based publisher of 50 editions of its namesake magazine around the world as well as other magazines went private in 2007 in a $2.6 billion buyout led by private equity firm Ripplewood Holdings LLC.
The report follows an announcement in January that Reader's Digest was cutting about 8 percent of its workforce of 3,500 people in reaction to the weakening economy.
