The American patent group of publishers, Reader's Digest Association, has reportedly filed for an administration in the United Kingdom. The reason behind this is due to the fact that they had failed to achieve a regulatory backing for the deal for pension funding scheme.
It was also reported that Digest has actually collapsed into the administration today as they were not able to provide support to its British edition any longer. The reason was also because the UK Pensions Regulator had decided not to go ahead with the approval of plans for the funding of its pension in UK.
Although the company continues to trade, almost 117 of their employees in the United Kingdom are facing a huge risk of losing their jobs. It is an interesting fact that the company has a long history in Britain with the earliest edition actually dating way back to the year 1938.
The company also has its offices situated in Swindon, Wiltshire and also Canary Wharf, which is in the eastern part of London. The company might be in working order for the time being but it is expected to close up real soon.