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Reader's Digest Files for Bankruptcy

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An iconic magazine goes bankrupt. ABC's Aaron Katersky reports Reader's Digest, which has been around more than ninety year, is steeped in debt and the publisher has filed for bankruptcy. It says more than 25 million people still read the magazine but fewer in print and more on a digital device where advertising just isn't the same. Reader's Digest is the latest in a string of iconic brands to seek protection in bankruptcy court, including Hostess and Eastman Kodak.
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