Reader’s Digest has been forced to close its door after 86 years in operations, due to ongoing ‘financial pressures’.
Eva Mackevic, the current editor-in-chief, heart wrenchingly made the announced on LinkedIn yesterday evening that the British edition has ‘come to an end’ due to the ‘unforgiving magazine publishing landscape’.
The iconic magazine, which amassed interviews with world leaders, acting legends and music icons in its almost 1,200 issues, will ‘cease trading immediately’.
She wrote: ‘Unfortunately, the company just couldn’t withstand the financial pressures of today’s unforgiving magazine publishing landscape and has ceased to trade.’
Reader’s Digest was founded in the US by DeWitt Wallace and his wife Lila in the basement of a Greenwich Village speakeasy in 1922
Eva Mackevic, the current editor-in-chief, heartwrenchingly made the announced on Linkedin yesterday evening that the British edition has ‘come to an end’ due to the ‘unforgiving magazine publishing landscape’
The readership grew massively over the first decade, until the first international edition was published in the UK in 1938 under the motto ‘Articles of enduring interest’
The closure comes 14 years after it fell into administration because of a £125m pension fund deficit.
The struggling magazine was rescued by Better Capitol before it was sold again in 2014 to venture capitalist Mike Luckwell, who made millions from the TV company behind Bob the Builder.
