CareerBuilder + Monster, an online job-hunting joint venture, announced on Tuesday that it had filed for bankruptcy in Delaware.
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 Military.com and Fastweb.com), 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.
