US Reader's Digest asks for bankruptcy protection

The publisher of Reader’s Digest magazine in America has applied for bankruptcy protection faced with falling print circulation and looming debt payments.

Launched in 1922 and known for its heart-warming stories about American life as other publications moved toward edgier fare, the company’s flagship magazine has seen its US circulation drop from a peak of more than 17 million in the 1970s to just above eight million last year.