Reader's Digest, publisher of the iconic general interest magazine that started in 1922, filed for Chapter 11 bankruptcy protection this morning as it faces falling print circulation in the Internet age and looming debt payments.

Known for its heartwarming stories about American life as other publications moved toward edgier fare, the company's flagship Reader's Digest magazine has seen its U.S. circulation drop from a peak of more than 17 million in the 1970s to just above 8 million last year.

Reader's Digest CEO Mary Berner has said ad pages for the company's U.S. magazines are down less than 6 percent through the September editions. The publications' down-home feel instead of a high reliance on luxury and high-income tastes has an added attraction to advertisers in a recession that has hurt much of print media.

She noted the company had several successful ventures, such as the magazine Everyday with Rachael Ray and the cooking site AllRecipes.com. Berner, however, cited problems with two underperforming properties the company agreed to sell last year: Books Are Fun, a company that sells books at events and book fairs, and QSP, which assists with fundraising for schools and youth groups.

Still, weakness in ads, lower circulation and a mountain of debt created a perfect storm that led to the prearranged bankruptcy filing of the privately held company. The filing had been expected after the company said last week it had reached an agreement with a majority of lenders.

The Pleasantville, N.Y.-based Reader's Digest publishes 94 magazines and sells about 40 million books, music and video products each year.