It had been on the cards for sometime after its parent company announced plans for voluntary winding up last year but now the Reader's digest magazine is no more.
Sadly brought down by its pension fund as it failed to secure backing from the UK pensions regulator to support an agreement to fund its pension deficit,currently at £125m.
As today's Independent reminds us of its past glories
What could be fustier than the Reader's Digest, with its prize draws, free radio alarm clock offers, and its natural habitat of dentists' waiting rooms? And yet what could be more cutting-edge than a magazine which was the first content aggregator when it was founded back in 1922, or that helped to establish the link between smoking and lung cancer in the public mind in the 1950s?
a reign of 72 years comes to an end and the closure threatens 117 jobs at the company’s offices in Canary Wharf, East London, and Swindon, Wiltshire.