Reader’s Digest Parent Files for Bankruptcy

The parent company of Reader’s Digest magazine, RDA Holding Co., filed for bankruptcy Monday as part of a financial restructuring move that includes shrinking its $465 million debt.

“After considering a wide range of alternatives, we believe this course of action will most effectively enable us to maintain our momentum in transforming the business and allow us to capitalize on the growing strength and presence of our outstanding brands and products,” RDA Holding CEO Robert Guth said in a statement.