Online job marketplaces CareerBuilder + Monster voluntarily filed for Chapter 11 bankruptcy in Delaware on June 24. Through a court-supervised sale process, the company will also be selling off parts of its business.
“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.
According to the press release, the company has reached three separate deals to date as it looks to sell its major assets.
Its job board business, which matches employers with job seekers, will be sold to JobGet Inc., an online platform for hourly job seekers and hirers.
Monster’s media properties, including Military.com and Fastweb.com, will go to Canadian media company Valnet Inc. Monster Government Services, which provides human capital management software services to state and federal governments, will be sold to Valsoft Corporation, a Canada-based company that acquires and grows software companies.
To help keep the business running during bankruptcy while they work to complete the sales of their assets, CareerBuilder + Monster are working on a deal with Blue Torch Capital to secure up to $20 million in special financing.
Furman said they 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,” he said. Announcements of layoffs and its Chicago headquarters closures were sent out to employees early June 2024.
CareerBuilder and Monster merged in September 2024. Monster, based in Massachusetts, was one of the first online job boards, going live over the internet in 1994. In August 2016, Monster was acquired by Randstad NV until it merged with CareerBuilder last year.
CareerBuilder, based in Chicago, was last purchased in June 2017 by private equity firm Apollo Global Management and the Ontario Teachers’ Pension Plan Board. According to SimilarWeb, an online database of websites, CareerBuilder and Monster have been ranked far behind other job marketplaces such as Indeed and Glassdoor.