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The now-defunct publication.
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Illiteracy Today Magazine declares bankruptcy
New York, N.Y.
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Financially devastated by nonexistent subscription and newsstand sales, Illiteracy Today Magazine officially filed for bankruptcy this week, blaming logistical problems as the main cause of the publication's demise.
Having managed to generate only two issues before succumbing to financial ruin, Illiteracy Today Magazine, a periodical marketed toward the nation's illiterate, represents yet another failed entrepreneurial venture for CEO Mike Zamien, whose previous failed business endeavors include WDEF, a deaf audience-formatted radio station, and Q-Flex, an exercise machine geared toward overweight quadriplegics.
"It appears our biggest mistake was trying to capture our target market by offering them something that they didn't have the capacity to use," said Marketing Director Steve DeVall of the magazine's doomed campaign.
"Our figures show that Illiteracy Today readership failed to break the zero percent mark, which was a number we really needed to surpass in order to stay afloat financially," said Zamien, shaking his head in confused disbelief. "I guess it's back to the drawing board."
Zamien's next entrepreneurial offering, a tasteless food additive capable of increasing a person's normal weight gain by ten times, could be on shelves in time for summer.
June 2001
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