Reader’s Digest Moves Out of Bankruptcy
Publishers Weekly Staff — Publishers Weekly, 2/22/2010 10:50:07 AM
Reader’s Digest has officially emerged from pre-packaged bankruptcy today, a moved that enabled the struggling publisher to dramatically cut its debt. Mary Berner, who remains president and CEO, said the remade balance sheet “is a significant step forward as we continue to transform [Reader’s Digest] into a global media and marketing leader.”
With the restructuring complete, RD is focusing on driving top-line growth and transformation of its business through its affinity marketing model, which builds communities of like-minded consumers around its brands, reaching them in person, print, and online. The publisher is also continuing to cut costs and will soon be moving out of its longtime headquarters to new offices in New York City and White Plains, N.Y. Completion of the restructuring also means that a new board of directors has been installed with Berner the only RD employee on the board.