The firm went into Chapter 11 bankruptcy in August 2009 and emerged in February 2010 under a restructuring that gave creditors -- owed $1.6 billion -- ownership of the company, the Milwaukee Journal Sentinel reported Tuesday.
Between January and September, however, the firm lost $399 million.
The recent personnel reduction means a total loss of about 250 jobs in the Greendale office, which was formerly Reiman Publications, which had a peak workforce of about 500.
Reader's Digest bought Reiman in 2002.
Company spokesman Gary Davis said in an e-mail the firm will concentrate on its "master brands," which includes the Reader's Digest magazine and the publications Taste of Home and The Family Handyman.