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CNN
10 hours ago
- Business
- CNN
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 and — 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.
CNN
12 hours ago
- Business
- CNN
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 and — 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.
Washington Post
a day ago
- Business
- Washington Post
Job recruiting site CareerBuilder + Monster declares bankruptcy
Once the heavyweights of job-recruiting websites during the dot-com boom, CareerBuilder and Monster, filed for Chapter 11 bankruptcy protection Tuesday, almost one year after merging, according to court filings from Delaware. CareerBuilder + Monster is selling off core components of its business, including its job board, according to the company's news release. Three different buyers are slated to take over, unless higher bidders emerge during the Chapter 11 process. The most well-known component, its job board, is in line to be sold to the Boston-based employment recruitment service JobGet Inc.
Fast Company
a day ago
- Business
- Fast Company
CareerBuilder + Monster job search board files for Chapter 11 bankruptcy after revenue sinks nearly 40% post-pandemic
The company initiated the Chapter 11 process to facilitate a sale of its operations, with assets totaling between $50 to $100 million and estimated liabilities of some $100 to $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, selling its jobs board business to JobGet Inc.; selling Monster Media Properties to Valnet Inc. (which includes and and transferring Monster Government Services to Valsoft Corp. However, the asset sale is subject to other, higher offers, according to the press release.
Miami Herald
a day ago
- Business
- Miami Herald
Iconic job website files for bankruptcy
If you've been on the internet for a long time, you likely remember many of the titans that made it what it is today. Some of the lucky ones - Amazon, Google, and Yahoo - are still around, having pivoted successfully over the years as times changed, keeping their customers interested in what they had to offer. Don't miss the move: Subscribe to TheStreet's free daily newsletter For Amazon, that meant going beyond being just a bookseller, pioneering ultra-fast, subscription-based delivery, and expanding into the streaming universe. Google became so much more than just that search engine with the goofy font, creating everything from a worksuite used today by millions to smart devices that are in just about everyone's homes. Related: Popular clothing retailer closing nearly 200 stores, no bankruptcy While Yahoo isn't thought of as the pioneer it once was thanks to standing in Google's shadow, it still attracts 300 million users a month and boosts other news websites' reach in a major way by featuring them on its homepage. A lot of other businesses founded on the internet in the '90s have either folded or been forgotten, causing people to exclaim, "Wow, that still exists?" when brought up in everyday conversation. You're about to say that right now, in fact, because one of those businesses has just poked its head up to announce that it's declaring bankruptcy. Image source: Adrian Brown/Bloomberg via Getty Images Speaking of the '90s, anyone reading this who has been around for that long likely remembers job website It was once the premier way for people to find work, having been founded in 1994 as The Monster Board. Since that time, it's remained in business for more than 30 years. But that comes to an end today, as both it and CareerBuilder, which merged in 2024 to form one company, have declared Chapter 11 bankruptcy in Delaware bankruptcy court. Per papers filed, CareerBuilder + Monster has $50 million to $100 million of assets, and $100 million to $500 million of debts. The company is currently owned by private equity firm Apollo Global Management and Dutch staffing company Randstad. The Chicago-based company also said it will sell its job board operation to JobGet, an app specifically designed for gig workers. As for its software services business for federal and state governments, that gets sold to Canadian software company Valsoft, while its and websites will be sold to Canadian media company Valnet. Related: Another popular furniture company files for Chapter 11 bankruptcy Even when the merger happened last year, cutting remarks were made that foreshadowed the future of the business. "The two brands are long past their prime," RecTech Media Managing Director Chris Russell said at the time. "Both sites are just hanging on to their dwindling brand awareness, which gets smaller by the day." Addressing the reason for the bankruptcy, Chief Executive Jeff Furman named the "challenging and uncertain macroeconomic environment" and said that the bankruptcy, along with selling its assets, was the best way to maximize value. While CareerBuilder and Monster flourished in their heyday, they were slowly eclipsed by competition from newer players such as Indeed, LinkedIn, and Glassdoor. Indeed was founded in 2004 and has continued to grow at a rapid pace. It is now used in over 60 countries and has 610 million Job Seeker Profiles globally, per Indeed data. Founded in 2002, LinkedIn has also grown into a behemoth for job seekers. As of 2024, the website had more than one billion users across 200 countries. While Glassdoor didn't come along until 2007, it also found its footing by allowing users to review businesses they had worked for, becoming a credible outlet for potential jobseekers to investigate a company before accepting an offer. Related: Struggling car company swiftly shuts down half its stores The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
