Monster and CareerBuilder, once popular with job seekers, file for bankruptcy
Monster and CareerBuilder, once two of the most popular websites for job seekers at the height of the dot-com era, have filed for bankruptcy.
The two sites, which merged last year to become one entity named Monster + CareerBuilder, voluntary filed for Chapter 11 Tuesday, announcing that the company is selling various parts of its businesses to several buyers as part of a court-supervised process, a press release said.
Monster and CareerBuilder were some of the biggest companies in the late 1990s and early 2000s, with the former brand so popular that it often bought Super Bowl commercials promoting its services. However, both have fallen out of favor for job hunters with the rise of competitors like Indeed, Glassdoor and Microsoft-owned LinkedIn in recent years.
Jeff Furman, CEO of CareerBuilder + Monster, said in statement that its 'business has been affected by a challenging and uncertain macroeconomic environment' and determined that 'initiating this court-supervised sale process is the best path toward maximizing the value of our businesses and preserving jobs.'
The most recognizable part of CareerBuilder and Monster — their job boards — is being sold to JobGet, a platform for gig and hourly workers searching for jobs. Monster Government Services, which provides software to state and federal governments, is being sold to Canadian-based Valsoft Corporation.
Also, its media division — the two companies own Military.com and FastWeb.com — is being sold to Canadian media company Valnet. All purchases require court approval, with the sales subject to higher offers.
Furman said the company is 'making difficult but necessary decisions to reduce costs and help ensure a seamless transition of our businesses,' including layoffs. It has received $20 million in financing to keep operating during the bankruptcy process.
Monster and CareerBuilder, once rivals, merged last year with private equity firm Apollo Global Management taking a minority stake in the company.
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