The publisher of Reader's Digest yesterday filed for Chapter 11 bankruptcy protection, carrying out its plan to cut debt and transfer ownership of the 87-year-old U.S. magazine and other businesses to a group of lenders.
Due to the shift from book reading to Internet browsing, the 87 year old needs to find itself an new owner. In the other words, the style of the book needs to be changed to catch up the new generation.
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