Fri, 05 Mar 2010 | ADMINISTRATION
Administrators reported today that almost one hundred buyers have expressed interest in purchasing Reader’s Digest UK, which fell into administration last month.
The iconic 72 year-old publication is still operating while Moore Stephens, the administrators appointed, seeks a buyer. It has been reported that approximately 30 per cent of the approaches made by purchasers are for the business as a whole and are from “potential purchasers with a clear and credible interest". These include private equity firms and various other publishing firms in the UK and overseas.
Further information on the business has been sent to 25 of these interested parties and the administrators have indicated that a deadline of the middle of next week has been set for indicative offers to be made.
Reader’s Digest UK entered administration on February 17th, following news from its US parent company, Reader’s Digest Association (RDA), saying that it could no longer support it due to a crisis in its pension fund.
The UK magazine has 117 employees and a circulation of 465,028, less than a quarter of the circulation it once had. Its US parent has also been battling difficult times and filed for bankruptcy protection last summer.
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