Job hunting firm CareerBuilder + Monster files bankruptcy
The company said Tuesday it started a Chapter 11 process to facilitate a sale of the operations, according to a statement. The firm had estimated liabilities between $100 and $500 million, and assets between $50 and $100 million, according to its bankruptcy filing.
CareerBuilder and Monster both launched during the 1990s and popularized online job searching just as internet use was going mainstream. Owned by Apollo Global Management, CareerBuilder struggled throughout the Covid-19 pandemic amid a decline in subscription renewals, while a new marketing strategy put pressure on revenue and profit.
In 2023, the company had to extend the maturity of its first-lien loan to 2026. A year later, it amended the terms of the debt to allow for the payment of a part of the interest with more debt.
Eventually, Careerbuilder merged with Monster, with its shareholder Randstad NV taking a minority stake in the combined business, but liquidity remained weak. At the end of June 2024, the company had $6 million on its balance sheet, S&P Global Ratings said in a report published in October.
The company trimmed its workforce amid ongoing challenges from competition in its job-advertising segment, according to S&P, and the industry is likely to face the impact of AI.
Under the bankruptcy plan, the jobs board business would be sold to JobGet Inc. while Monster Media Properties would be bought by Valnet Inc. Monster Government Services, which provides management software to state and federal goverments, would be transferred to Valsoft Corp. These firms are the stalking horse bidders, and the completion of asset sales is subject to higher and better offers.
CareerBuilder + Monster also said it's in talks with Blue Torch Capital for as much as $20 million of debtor-in-possession financing. A workforce reduction is part of the plan as well, Chief Executive Officer Jeff Furman said in the statement.
Bloomberg News reported last week that the venture was working with advisers on a potential bankruptcy filing while weighing multiple restructuring options. CareerBuilder's revenue plunged nearly 40% last year, according to Moody's Ratings.
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