Reader's Digest Association Inc., publisher of the iconic general interest magazine that began gracing American homes in 1922, on Monday filed for Chapter 11 bankruptcy protection as it faces falling print circulation in the Internet age and looming debt payments.
Known for its heartwarming stories about American life as other publications moved toward edgier fare, the company's flagship Reader's Digest magazine has seen its U.S. circulation drop from a peek of more than 17 million in the 1970s to just above 8 million last year.
Magnifying the publishing world's woes is an advertising slump that already has led to the closing of several high-profile magazines, including Conde Nast's Portfolio, Domino and Blender. [Click for MORE]
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