Is Reader's Digest prepping for bankruptcy?

Reader's Digest Association, the publisher of the once palm-sized magazine found in countless American bathrooms for generations, is teetering on the edge of bankruptcy. Bloomberg News reported that the publisher has hired the law firm of Kirkland & Ellis to "explore restructuring options." Ninety-nine times out of 100 that means Chapter 11 bankruptcy is only a matter of time.

It's a sad turn of events for the once-venerable media company. But it's hardly a surprise.