The company that operates Monster and CareerBuilder has voluntarily filed for Chapter 11 bankruptcy in Delaware.
On Tuesday, it was announced that “We have initiated a court-supervised sales process aimed at maximizing value, preserving jobs, and smoothly transitioning business ownership.”
CEO Jeff Furman stated, “For over 25 years, we’ve been a respected global leader in connecting job seekers and employers. Yet, similar to many in our sector, we’ve faced challenges due to an uncertain economic climate.”
He added, “Given these circumstances, we undertook an extensive sales process and carefully evaluated all options. Ultimately, we determined that starting this court-supervised sales process would be the best route to optimize our business’s value and protect jobs.”
Reportedly, Monster.com was among the earliest job board websites, launching in the 1990s. In 2002, the company acquired jobs.com for around $800,000 and made a cultural mark with memorable Super Bowl ads.
As part of the Chapter 11 proceedings, the company aims to sell its job board operations to JobGet Inc. It will also divest other properties like Military.com and FastWeb.com.
Additionally, Monster Government Services, which offers software solutions to government entities, is set to be sold to Valsoft Corporation.
The company is also working on securing up to $20 million in debtor financing to continue operations during this transition.
Furman indicated that there will be workforce reductions as they navigate the Chapter 11 process.
He expressed gratitude for the dedication shown by employees, saying, “We value all the contributions from our staff and the commitment they’ve displayed towards our clients and teams.”
Financial reports suggest that the company has assets estimated between $50 million and $100 million, with liabilities ranging from $100 million to $500 million.
