Wednesday, 17 February 2010

Where's the Reader's Digest Prize Draw When they Need it?

Tom Champagne may have stopped writing the cheques for the Reader's Digest Prize draw in 2003, but the 117 employees of the UK arm of Readers Digest would love to see an envelope landing on its doorstep in Swindon with his cheery signature saying you have won £125m.

For that is the deficit in the Reader's Digest UK's pension fund which has led to the company that first started trading here in 1938 to enter administration. The US parent company is expected to come out of Chapter 11 bankruptcy protection shortly after struggling with interest on its own £1.4bn ($2.2bn) debt.

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