It still exists?
Until recently its prosperity appeared to know no bounds; it published 50 global editions in 21 languages, but its move to seek Chapter 11 bankruptcy protection, which does not affect international editions including the British one, is a pre-emptive device aimed at freeing the company of debts to allow it to trade back to happier balance books.
But it casts a shadow on a long-standing byword for publishing prosperity, whose audited circulation of 8.1 million is still the highest of any magazine in the US.
The company's managers, in their comfortably named headquarters of Pleasantville, New York, said yesterday that the Chapter 11 filing would allow them to push ahead with "growth and transformational activities".
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