Distressed Assets Media Centre
18 February 2010
Reader’s Digest UK Collapses into Administration
Source: TheBull.com.au
The British division of Reader's Digest has collapsed into administration, six months after its US parent group filed for Chapter 11 bankruptcy, administrators Moore Stephens says.
"On 17 February 2010, Phillip Sykes, Jeremy Willmont and Bill Beach of Moore Stephens were appointed joint administrators to The Reader's Digest Association Limited, a UK subsidiary of The Reader's Digest Association," Moore Stephens said in a statement on Wednesday.
Administration is the process whereby a troubled company calls upon independent expert financial help in a bid to remain operational.
"The joint administrators are reviewing Reader's Digest's financial position and intend to continue RDA UK's trading activities, while seeking a buyer for the business," they added.
"As a result of the company's current financial position, the directors resolved to apply for an order to place the company into administration."
The British version of Reader's Digest dates back to 1938 and has offices in Canary Wharf, east London, and in Swindon in southern England. It employs just 117 people.
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