Media giant Readers Digest has hired a firm of lawyers to explore restructuring and possible bankruptcy, reports Bloomberg.

The corporate web site of Reader’s Digest Association Inc. calls it “a global multi-brand media” with offices in 45 countries, products reaching 130 million households in 79 countries, 92 magazines including 50 editions of Reader’s Digest (which began in 1922) and 65 Web sites. Bloomberg noted that the company “was bought for $2.4 billion in March 2007 by a group of investors led by Ripplewood Holdings LLC, and merged with Ripplewood portfolio company WRC Media Inc. and Direct Holdings U.S. Corp.”

Hat tip to Masthead online.