Reader’s Digest, which is in the process of its Chapter 11 bankruptcy reorg process, will soon be unveiling a company name change, according to this long NYT profile of the struggling company trying to reinvent itself. Likely the new name and branding would be unveiled as the company comes out of the bankruptcy proceedings. Highly unlikely that the company would rename the iconic magazine itself, but could mean incorporating some elements of the company re-branding into the mag as well.
As I reported before, the company is really serious about its Face Plan (yes that’s what it is calling its plan for the future), with all kinds of current trendy buzzwords in it, as NYT also notices. As the company moves out of its old offices in Chappaqua in NY, about half of the 900 employees will work in an office in White Plains, and half will work in Midtown Manhattan, a clear break from the past. Still hard to see how the turnaround could happen, renaming and “Face Plan” notwithstanding.
Also, from the bankruptcy court filings RD did on Friday (PDF link), an update on the sale of its CompassLearning education learning software unit: according to the court supervised auction proceedings, first round bids are due by Dec 31, with court setting a hearing to determine the final owner on Jan 12. This comes after a “stalking horse bidder”, in the form of PE firm Marlin Equity, came into the picture and is bidding $20.25 million for the unit. Any new bidders would of course have to go above that.