Reader’s Digest To Cut 30 Jobs
December 7, 2011 by UPI - United Press International, Inc.
GREENDALE, Wis., Dec. 6 (UPI) — Reader’s Digest Association Inc. said Tuesday it would cut 30 jobs in its Greendale, Wis., office, as its financial struggles persist.
The firm went into Chapter 11 bankruptcy in August 2009 and emerged in February 2010 under a restructuring that gave creditors — owed $1.6 billion — ownership of the company, the Milwaukee Journal Sentinel reported Tuesday.
Between January and September, however, the firm lost $399 million.
The recent personnel reduction means a total loss of about 250 jobs in the Greendale office, which was formerly Reiman Publications, which had a peak workforce of about 500.
Reader’s Digest bought Reiman in 2002.
Company spokesman Gary Davis said in an e-mail the firm will concentrate on its “master brands,” which includes the Reader’s Digest magazine and the publications Taste of Home and The Family Handyman.