The publisher of Reader's Digest, the country’s most popular general interest magazine, said Monday it will file for Chapter 11 protection with a plan to swap a portion of its debt for ownership of the company.
Practically grew up with this book since my parents have subscribed to it from the time it landed in India. It even made my mother start a similar magazine at home to keep the 5 of us siblings engaged during the holidays. We used to write our own versions of articles and stories which was edited by my mother. She compiled them and either typed it or re-wrote by hand and named it the "Philip's journal". Since we used to write anything and everything and drop it into a box that was kept specially for this, we used to wait eagerly to see if it passed our mother's editing. It was a proud moment if it ever reached the final print.
The Indian edition was first published in 1954. Its circulation then was 40,000 copies. Today, the magazine is published in India by Living Media India Ltd., and sold over 600,000 copies monthly in 2008 — a fifteen-fold increase. It not only includes local Indian articles but international articles as well.
The real life drama section was always a thrill to read and the “quotable quotes” was the first page that I enjoyed reading. During the growing up years the collection of articles was always a source of comfort and inspiration.
I do read that the magazine may continue but not as before. Seems they do not have much audience amongst the young and also since similar articles are in abundance on the internet it was slowly losing its readers.
The Indian edition was not upto the mark but I always opened this little book with much eagerness and have read every single page of it. Here in Kuwait I did arrange for the magazine to be delivered at home but the delivery has always been erratic.
....edited to add the following from NDTV
"The Chapter 11 filing will apply only to the company's US businesses...its operations in Canada, Latin America, Europe, Africa, Asia and Australia-New Zealand will not be affected. RDA's international operations are expected to have adequate funding based on continuing operations and access to proceeds from the DIP (debtor in possession) financing," the company said.
Earlier in March 2009, Indian Software exporter HCL Technologies had announced a seven-year IT operations and management engagement with RDA.