Job finding websites CareerBuilder, Monster enter Chapter 11 bankruptcy
CareerBuilder + Monster announced Tuesday it has 'initiated a court-supervised sale process to maximize value, preserve jobs and seamlessly transition ownership of its businesses.'
'For over 25 years, we have been a proud global leader in helping job seekers and companies connect and empower employment across the globe,' CEO Jeff Furman said. 'However, like many others in the industry, our business has been affected by a challenging and uncertain macroeconomic environment.'
He added, 'In light of these conditions, we ran a robust sale process and carefully evaluated all available options. We determined that initiating this court-supervised sale process is the best path toward maximizing the value of our businesses and preserving jobs.'
According to Forbes, Monster.com was one of the internet's first job board websites when it launched in the 1990s. In 2002, the company expanded when it acquired competitor Jobs.com for a reported $800,000, and it entered the pop culture landscape with Super Bowl ads and a joke in The Office episode 'Two Weeks.'
As part of the Chapter 11 process, the company will sell its job board business to JobGet Inc. and sell its other web properties, the military-information site Military.com and the scholarship-finding site FastWeb.com, to Valnet Inc.
Monster Government Services, which provides software services to government entities, will also be sold to Valsoft Corporation.
The company says it is in the process of finalizing an agreement for up to $20 million in debtor-in-possession financing 'to continue to operate the business for purposes of effectuating the sales.'
Furman also indicated a reduction in workforce as CareerBuilding + Monster embarks on the Chapter 11 process.
'I greatly appreciate our people, their contributions to CareerBuilder + Monster and the commitment and passion they have shown to our company, our clients and our colleagues,' said Furman.
According to FOX Business, the company reported estimated assets as being between $50 million and $100 million, with estimated liabilities at $100 million to $500 million.
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