READER’S DIGEST ASSOCIATION TO FILE FOR BANKRUPTCY
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(No Ratings Yet) Loading ...By divya
Published: August 23, 2009
The Reader’s Digest Association Inc. , was founded way back in 1922 by the young couple Lila Bell Wallace and Dewitt Wallace. According to Media Mark Research(MRI), this best-selling consumer magazine most popular in the USA based at Pleasent ville, New york was circulating to almost 5.5 million copies to it’s readers filled with general interest topics and inspiring stories.
On 17 August 2009, Reader’s Digest Association (RDA) the best- selling magazine in the USA had filed for a Chapter 11 Brankruptcy Protection.
The company says, it is planning to reduce it’s debt upto 75% and also tries to emphasis that the bankruptcy is only for US, while the business at other parts of the countries will remain unaffected.
HCL Technologies, one of top most IT Company in India had been working closely on the outsourcing contract worth $350 million with the US based best-selling magazine company – RDA(Reader’s Digest Association) says, this will neither impact their business nor the relationship with RDA and will still continue to extend it’s support to RDA.
Tagged with: 17 Aug 09, Bankruptcy, HCL Technologies, RDA, Reader's Digest
