Latest news with #JeffFurman
Miami Herald
21 hours ago
- Business
- Miami Herald
Another employment services company files Chapter 11 bankruptcy
Online job boards began to proliferate just before the internet boom in the late 90s, and exploded in the new millennium as several employment websites began to dominate the industry. which would become was the grandaddy of employment websites when it launched in 1994, followed by Craigslist in 1995. Don't miss the move: Subscribe to TheStreet's free daily newsletter Initially a San Francisco Bay Area service, Craigslist was incorporated in 1999 and expanded its service to more communities and regions in the new millennium. Related: Popular vision care chain files for Chapter 11 bankruptcy CareerBuilder also launched in 1995 as a start-up created by newspaper chains Tribune Co. and Knight Ridder, known as NetStart at the time. It changed its name to CareerBuilder in 1998. and CareerBuilder merged in September 2024 to become Careerbuilder + Monster. LinkedIn launched in 2002 and became the premier career development and professional networking social media website with over 1.1 billion members in more than 200 countries worldwide, according to its website. Employment website Indeed was founded in 2004 and has grown significantly alongside other websites, with over 610 million job seeker profiles and 3.3 million employer users, according to its website. Another job website, Glassdoor, launched in 2007, and counts 63 million unique monthly visitors to its website, about 2.5 million employer profiles, and features about 212 million company reviews, salaries, and insights. CareerBuilder + Monster, owned by private equity firm Apollo Global Management and Dutch staffing company Randstad, filed for Chapter 11 bankruptcy protection on June 24, 2025, seeking to sell its assets. The debtor reached stalking-horse agreements with three potential buyers, as it entered into an asset purchase agreement with JobGet Inc. for the sale of the company's job board business, which provides a marketplace connecting employers to job candidates. It also entered into an asset purchase agreement with Valnet Inc. for the sale of Monster Media Properties, which includes websites and CareerBuilder + Monster entered into a third asset purchase agreement with Valsoft Corporation for the sale of Monster Government Services, which provides human capital management software services to state and federal governments. More bankruptcy: Iconic auto repair chain franchise files Chapter 11 bankruptcyPopular beer brand closes down and files Chapter 7 bankruptcyPopular vodka and gin brand files for Chapter 11 bankruptcy "For over 25 years, we have been a proud global leader in helping job seekers and companies connect and empower employment across the globe," Jeff Furman, CEO of CareerBuilder + Monster, said in a statement. "However, like many others in the industry, our business has been affected by a challenging and uncertain macroeconomic environment. "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," Furman said. And now, another employment services company has filed for bankruptcy to reorganize its business. Nationwide employment services company USA Staffing Services LLC filed for Chapter 11 protection, seeking to restructure its debts. Related: Largest fast-food chain's franchisee files for Chapter 11 bankruptcy The Tampa, Fla.-based debtor filed its petition in the U.S. Bankruptcy Court for the Middle District of Florida on June 27, listing $1 million to $10 million in assets and liabilities. USA Staffing Services' most significant creditors include Alliance HR, owed a disputed claim of $1.8 million, and the Internal Revenue Service, owed $750,000 in payroll tax obligations. Other creditors include merchant cash advance providers Mulligan Funding and PIRS Capital. The debtor provides staffing and recruiting services for employers, a job board for potential employees, payroll and compliance solutions, employee onboarding and assignment management, and workers' comp and insurance, through local partners nationwide. Related: Major shipping company files for Chapter 11 bankruptcy The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
India Today
6 days ago
- Business
- India Today
Once-dominant online job boards CareerBuilder, Monster go bankrupt
CareerBuilder + Monster, which once dominated the online recruitment industry, filed for Chapter 11 bankruptcy protection on Tuesday and said it plans to sell its through the September merger of CareerBuilder and Monster, the Chicago-based company said it agreed to sell its job board operations, its most recognisable business, to JobGet, which has an app for so-called gig + Monster also agreed to sell its software services business for federal and state governments to Canadian software company Valsoft, and the and websites to Canadian media company Valnet. The buyers agreed to act as "stalking horse" bidders, with sales subject to better offers. Terms were not to papers filed in Delaware bankruptcy court, CareerBuilder + Monster has $50 million to $100 million of assets, and $100 million to $500 million of company is lining up $20 million of financing to keep operating in a statement, Chief Executive Jeff Furman said CareerBuilder + Monster has faced a "challenging and uncertain macroeconomic environment," and a court-supervised sale process was the best way to maximise value and preserve to published reports, the company has struggled with competition from other job platforms, including aggregators and social media websites such as + Monster is owned by private equity firm Apollo Global Management APO.N and Dutch staffing company Randstad and the law firm Latham & Watkins are advising CareerBuilder + Monster as it restructures.- Ends
Yahoo
6 days ago
- Business
- Yahoo
CareerBuilder + Monster files for Chapter 11 bankruptcy
This story was originally published on HR Dive. To receive daily news and insights, subscribe to our free daily HR Dive newsletter. CareerBuilder + Monster on Tuesday filed for voluntary Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware, according to a press release. The company said it has entered into asset purchase agreements with three companies to sell parts of the business, each of which will act as 'stalking horse' buyers — companies that set starting bids — in the bankruptcy sale process. Jeff Furman, CEO of CareerBuilder + Monster, attributed the move to 'a challenging and uncertain macroeconomic environment.' Furman said the company '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." The filing comes almost exactly a year after Monster and CareerBuilder announced plans to merge. At the time, the companies said, 'As the world of work continues to evolve, this combination will allow both businesses to benefit from shared resources and solutions to deliver greater value and opportunities to both talent and employers.' The merger was finalized in September 2024 and gave Apollo, the owner of CareerBuilder, the controlling interest and Randstad, the owner of Monster, a minority interest in the joint venture. One analysis suggested the merger was an attempt to make gains in a job board market led by Indeed. CareerBuilder + Monster has $50 million to $100 million in assets and $100 million to $500 million in debts, according to court filings. The company said it is restructuring its U.S. businesses and 'conducting a comprehensive evaluation of the strategic alternatives available for certain of its international businesses.' 'As we work to complete the sale process, we are making difficult but necessary decisions to reduce costs and help ensure a seamless transition of our businesses. As a company in the business of people and talent management, reducing our workforce is always a painful step to take,' Furman said. As part of the sale process, CareerBuilder + Monster entered into asset purchase agreements with JobGet Inc. for the company's job board business; Valnet Inc. for Monster Media Properties, which includes and and Valsoft Corp. for Monster Government Services, a human capital management software services provider for state and federal governments. The sales are expected to close in the coming weeks, if granted court approval, the company said. CareerBuilder + Monster also is working to finalize up to $20 million in debtor-in-possession financing with Blue Torch Capital to allow the company to continue to operate throughout the bankruptcy process, according to the release. It also filed motions seeking court permission to continue to pay employee wages and benefits during bankruptcy. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Hill
6 days ago
- Business
- The Hill
Job finding websites CareerBuilder, Monster 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.' '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, 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 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 and the scholarship-finding site 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.
Yahoo
7 days ago
- Business
- Yahoo
CareerBuilder + Monster job search board files for Chapter 11 bankruptcy after revenue sinks nearly 40% post-pandemic
CareerBuilder + Monster, an online job-hunting joint venture, announced on Tuesday that it had filed for bankruptcy in Delaware. Kroger is closing 60 stores: See the list of locations that are reportedly shuttering in 2025 so far Humans have irreversibly changed the planet. These photos prove it 10 mistakes leaders make in crisis that break team trust The company initiated the Chapter 11 process to facilitate a sale of its operations, with assets totaling between $50 million and $100 million and estimated liabilities amounting to between $100 million and $500 million, according to its bankruptcy filing. Fast Company has reached out to the company for comment. The bankruptcy plan calls for the assets to be divided up—with the sale of its jobs board business to JobGet Inc., the sale of Monster Media Properties to Valnet Inc. (which includes and and the sale of Monster Government Services to Valsoft Corp. However, the asset sale is subject to other higher offers, according to the press release. 'For over 25 years, we have been a proud global leader in helping job seekers and companies connect and empower employment across the globe,' Jeff Furman, CEO of CareerBuilder + Monster, said in a statement. 'However, like many others in the industry, our business has been affected by a challenging and uncertain macroeconomic environment. '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.' Furman added that CareerBuilder + Monster also plans to restructure, which would include a reduction of its current workforce, and the company is in talks with Blue Torch Capital for up to $20 million of debtor-in-possession financing. Monster, which dominated the internet job search industry starting in the 1990s, merged with then-struggling CareerBuilder in 2024, with Dutch multinational human resource consulting firm Randstad NV taking a minority stake in that business. Owned by Apollo Global Management, CareerBuilder saw a decline in subscription renewals after the pandemic, from which it never recovered. Although the merger created one mega job board, sales continued to decline, with CareerBuilder's revenue falling to $49.2 million in 2024, a 40% drop compared with 2023, according to Moody's Ratings, as reported by Bloomberg. This post originally appeared at to get the Fast Company newsletter: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
