Weekly Reader, a chief part of American classroom culture, has closed its doors after a century of profit.
The weekly magazine publication was bought out by its chief rival, Scholastic, in February from its previous owner, the Reader’s Digest Association Inc., for between $10 million and $20 million, the New York Post reports.
Since buying the rights to the publication, Scholastic has decided to turn the Weekly Reader into Scholastic News.
“We are confident that the combined Scholastic News/Weekly Reader team will now offer an even better news and information experience in print and digital formats for teachers and students,” a Scholastic spokesperson told the Post.
Along with changing the name of the magazine, Scholastic intends to fire 55 of the 60 Weekly Reader employees in White Plains, New York, the Post reported.
“We looked into digital and online production, but we were hamstrung due to a lack of funds,” said Keith Garton, Weekly Reader’s senior vice president of product development from 2006 to 2009.
Weekly Reader saw its peak in 1902, where it was read by two-thirds of all U.S. children in grammar schools and at one point even boasted 13 million subscribers from preschool to 12th grade. In recent years, however, those numbers have significantly plummeted to less than one million.
Though the iconic publication is no more, former Weekly Reader President Neal Goff holds firm to the prestige the magazine once had.
“It was a wonderful business and an American icon, and it is sad to see it disappear,” Goff was quoted as saying.