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Reader's Digest in administration Reader's Digest in administration
(30 minutes later)
Reader's Digest has gone into administration in the UK, putting 117 jobs at risk.Reader's Digest has gone into administration in the UK, putting 117 jobs at risk.
The decision comes after negotiations between the company's US parent group and the UK Pensions Regulator broke down over its UK pension fund.The decision comes after negotiations between the company's US parent group and the UK Pensions Regulator broke down over its UK pension fund.
The dispute centred on how to fund its £125m pension fund deficit.The dispute centred on how to fund its £125m pension fund deficit.
As a deal could not be done, the UK publisher said it would not be able to meet its pension obligations and would not be able to continue operations.As a deal could not be done, the UK publisher said it would not be able to meet its pension obligations and would not be able to continue operations.
It had agreed a deal with the Pension Protection Fund to pay off a small part of the deficit, but the regulator vetoed the agreement.It had agreed a deal with the Pension Protection Fund to pay off a small part of the deficit, but the regulator vetoed the agreement.
The administrators will now look for a buyer for the UK firm, which was established in 1938.The administrators will now look for a buyer for the UK firm, which was established in 1938.
The pensions crisis is just the latest problem to hit the publisher.The pensions crisis is just the latest problem to hit the publisher.
The US parent group, Reader's Digest Association (RDA), filed for Chapter 11 bankruptcy protection last year after struggling with interest payments on a $2.2bn (£1.4bn) debt. It now expects to come out of Chapter 11 shortly.The US parent group, Reader's Digest Association (RDA), filed for Chapter 11 bankruptcy protection last year after struggling with interest payments on a $2.2bn (£1.4bn) debt. It now expects to come out of Chapter 11 shortly.
The UK arm had experienced a cash flow problem for some time, a company spokesman said, and this had been exacerbated by higher-than-normal contributions to the severely underfunded pension fund.The UK arm had experienced a cash flow problem for some time, a company spokesman said, and this had been exacerbated by higher-than-normal contributions to the severely underfunded pension fund.
The world-famous magazine has just over 500,000 subscribers in the UK.The world-famous magazine has just over 500,000 subscribers in the UK.
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