Canadian Magazine Industry News
2 February 2009,     TORONTO
Canadian version of Reader's Digest "recession plan" in the works

Reader’s Digest Canada has yet to lay off any employees following last week’s announcement by Reader’s Digest Association that 8% of its global workforce—about 280 people—would be let go, a company spokesperson said Friday.

Ad pages for Reader's Digest were down 3.8% in 2008.

While Canadian layoffs will eventually take place, RD Canada is currently looking at other cost-cutting measures—including the imposition of mandatory unpaid vacation days for employees and reduced travel budgets.

In the U.S., Reader’s Digest Association has suspended its practice of matching employee contributions to 401(k) plans. The pension plan in Canada, however, will not be affected, the spokesperson said.

Reader’s Digest launched two new magazines in Canada last year: Best Health and More of Our Canada.

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Wow, Torstar really seems to be on a mission to bankrupt one magazine after another....
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