Readers Digest UK axes 75% of staff:
On Friday (4 January) the company, which was bought out of administration by private equity group Better Capital in 2010, ceased all trading of its CD, DVD and bookselling arm although it confirmed that existing orders would be honoured. Meanwhile Reader's Digest UK (RD UK) has filed a proposal to place its direct marketing division into a Company Voluntary Arrangement (CVA) while it focuses on a restructure. A CVA is a legal agreement between a limited company and its creditors that sets out arrangements for the repayment or writing off of its debts.
