Reader Digest goes into administration
The Readers Digest has gone into administration after it failed to secure regulatory backing for a pension scheme funding deal.
ts embattled US parent group - Reader's Digest Association - said it was no longer able to support the British edition following the UK Pensions Regulator's decision not to give the green light to plans to fund its UK pension.
The move is understood to leave the future of around 135 jobs hanging in the balance. There are 1,600 members of its pension scheme including workers at Reader's Digest offices in London
The British edition of the magazine has a history dating back to 1938. It has offices in Canary Wharf, east London, and Swindon, Wiltshire.
The US firm had announced it was delaying its emergence from Chapter 11 bankruptcy protection due to the UK pension situation. It said funding plans had already been agreed by its UK arm and industry lifeboat the Pensions Protection Fund, but added that the Pensions Regulator had indicated it would not approve the deal.