Layoffs 2024: Reader’s Digest Shutting Down Its Operations in UK After 86 Years, Permanently Laying Off 500 Employees, Says Report
Reader's Digest shutting down its operations in the United Kingdom after 86 years of long-standing legacy. The Reader's Digest layoffs will be initiated as a part of closure affecting 500 employees. Check more details about the shutdown and who will be affected.
London, May 4: Reader's Digest, a family magazine that has been operational for 86 years, announced to shut down in the United Kingdom. Over the years, the magazine has provided readers with articles on various subjects such as health, true stories, opinions, facts, fiction and many curated articles and other features. With this iconic magazine shutting down in the UK, an era will end, said the company's Editor-in-Chief.
The Reader's Digest shutting down announcement came from Eva Mackevic, the magazine's Editor-in-Chief, who posted a notice on the official UK website on May 3, 2024 with title - 'End of an Era: Thank You for the Memories'. She announced that the Reader's Digest UK would be shut down in the UK after 86 years of operations. According to the report by the Daily Star, Eva Mackevic expressed sadness while announcing this on LinkedIn as well. She reportedly said it was her privilege and joy to contribute to the publication for eight years and said she led a team of six. Luminar Layoffs: US-Based Self-Driving Tech Developer Cuts 20% of Its Workforce Amid Broader Restructuring of Its Production Process To Reduce Costs.
Reader's Digest Shutting Down, Layoffs Alert:
Why is Reader's Digest Shutting Down in the UK?
As per the report, Eva Mackevic revealed that the reason behind the shutdown of Reader's Digest was the financial pressure in today's unforgiving landscape of magazine publishing and ceased trade. She paid tribute to the magazine's writers, her colleagues, PRs and the brands that had worked with the organisation for many years. With a profound legacy, she said the magazine held special memories for so many readers for 86 years, serving as a gateway to the English language for people abroad.
Reader's Digest Layoffs To Permanently Affect Some Employees
According to a post on X by The Layoffs Trackers (@WhatLayoffs), 500 employees will be affected permanently and part ways with the company. The Daily Star report mentioned that Reader's Digest Editor-in-Chief Eva Mackevic addressed all the writers who had been waiting for their payment and said that she was assured that the insolvency practitioners had been working to communicate with all for the next step. She said that the process would go smoothly for them. Startup Funding in India 2024: 27 Indian Startups Raise Over USD 340 Million in Funding This Week; Check More Details.
Reader's Digest History, Details and Last Message
Founded in 1922 as an American general-interest family magazine, Reader's Digest made its way to the UK through its first publication in 1938. It offered articles on different topics, such as recipes, health tips, financial advice, etc. The company was licensed by its parent company in the US. It continued publishing magazines in the UK with the help of Trusted Media Brands, formerly Reader's Digest Association, Inc. The Editor-in-Chief Eva Mackevic posted at the end of the post on the official website, "Whilst, sadly, we can’t continue with the ongoing publication of Reader’s Digest, we’re currently digitising as many editions of our back catalogue as possible to share with our valued subscribers as a way to enjoy the memories."
(The above story first appeared on LatestLY on May 04, 2024 07:42 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).