The holding company that owns Reader's Digest has filed for bankruptcy protection for a second time in four years, according to documents obtained by TheWrap.
The company is laboring under $465 million in debt.
RDA Holding Co.'s Chapter 11 filing comes as the magazine industry is struggling to adjust to declining print advertising and growing competition from other online outlets. Last week, Time Warner entered into talks to sell most of its 21 magazines to publisher Meredith Corporation.
Reader's Digest, a general interest magazine, was founded by DeWitt and Lila Wallace and went public in 1990. It is perhaps best known for its landmark 1952 report on the dangers of cigarette smoking.