Reader's Digest is on the brink of collapse in Britain.
The pocket-sized magazine that has been a favourite in dentists' waiting rooms for more than 70 years is under threat because of a massive deficit in its pension fund.
Its American parent company is blaming the UK's Pensions Regulator for failing to sign off a deal to ease the problem. In a statement released in the U.S., Reader's Digest Association said it may be forced to put its UK business into administration within weeks.
The magazine, renowned as the most widely-read in the world, has been hit by an advertising downturn. In the 1990s it had a British circulation of about two million, although this has since fallen to about 500,000. Reader's Digest employs 135 staff in London and Swindon. There are also 1,600 members of its pension fund.
The deficit is thought to be about £125million.
Perhaps this graphic, with the arrow pointing down sums it up and no - we don't want your advice.
