Reader’s Digest has filed for bankruptcy as the 91 year old publisher struggles to compete with online media.
RDA Holding Company, which owns the iconic magazine, launched the action in a New York court on Sunday as it seeks to cut its debt burden of $465m (£300m).
The move marks the second time in nearly four years that the journal as sought to stave off closure.
The publisher has struggled to remain relevant in the digital age amid a shift by consumers from print to electronic media.
It has also tried to sell-off non-core elements as it tries to focus on its US market.
“We have had an ongoing process to simplify and rationalise our international business by licensing our local markets to third parties, to other publishers, to other investors,” Reader’s Digest boss Robert Guth said.
“And that has been a big part of our effort to streamline the company and bring in proceeds to bring down debt.”
