Friday, December 16, 2011

Reader's Digest Workforce--the Condensed Version

Reader's DigestImage via WikipediaPleasantville, N.Y.-based publisher Reader's Digest, sharing the pain worldwide, has abridged its labor force by 150 jobs, half of which are in the U.S., according to a report in Folio Magazine.

The company wouldn't disclose details about the layoffs, though Folio reports that 30 slots were eliminated at Reiman Publications in Greendale, Wisconsin. Pink slips were doled among the company's domestic and international entities so that the publisher could focus on its more valuable brands, The Family Handyman, Taste of Home and Reader's Digest, according to the Folio story.

Reader's Digest, which emerged from a voluntary Chapter 11 bankruptcy in February 2010 (see "TUOL" post 8/17/09), saw a 4.4 percent boost in 3Q revenues compared to Third Quarter revenues in 2010, and reduced its net loss to $76.8 million from $86.8 million a year ago. The company is headed by CEO Robert Guth, the third person to take the helm of the publishing company in the last year.

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