US Edition
CareerBuilder + Monster, Which Once Dominated Online Job Boards, File for Bankruptcy
UNITED STATES, JUN 24 – CareerBuilder + Monster filed for Chapter 11 with liabilities up to $500 million and plans to sell key assets including job boards and media properties to multiple buyers.
- CareerBuilder + Monster, the Chicago-based firm created through a merger last September, initiated a voluntary Chapter 11 bankruptcy process on Tuesday in Delaware.
- The filing followed a year of revenue decline and intense competition amid a challenging macroeconomic environment, leading to evaluating all strategic options.
- The company entered agreements to sell its job board to JobGet, Monster Media Properties to Valnet, and Monster Government Services to Valsoft, pending court approval.
- CEO Jeff Furman explained that beginning a court-managed sale procedure was the most effective strategy to enhance the value of their companies and protect employment, while also acknowledging the difficult decision to reduce the workforce.
- CareerBuilder + Monster is arranging $20 million in debtor-in-possession financing to maintain operations during restructuring, aiming to preserve value and jobs amid ongoing restructuring.
49 Articles
49 Articles
Former Job Search Giants Go Bust
Monster and Career Builder, former giants of online job hunting, merged in September, but it didn't revive their fortunes. The combined CareerBuilder + Monster entity has filed for Chapter 11 bankruptcy protection, CNN reports. The company announced Tuesday that it will sell off major segments of its business through a...
The company has secured funding of $20 million to sustain itself while carrying out the closing process
CareerBuilder, Monster.com enter Chapter 11 bankruptcy
(WHTM) – The company behind the career-finding websites Monster and CareerBuilder announced it has initiated voluntary Chapter 11 bankruptcy in Delaware. CareerBuilder + Monster announced Tuesday it has “initiated a court-supervised sale process to maximize value, preserve jobs and seamlessly transition ownership of its businesses.” Jeff Furman, CEO of CareerBuilder + Monster, said, “For over […]
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