CareerBuilder + Monster Files for Bankruptcy Protection

CareerBuilder + Monster, a joint venture formed by Apollo Global Management and Randstad NV, has filed for Chapter 11 bankruptcy protection in Delaware. The company is selling its operations to JobGet Inc. and Monster Media Properties to Valnet Inc., with a workforce reduction planned. The bankruptcy filing comes after revenue plummeted nearly 40% last year, according to Moody's Ratings.

CareerBuilder + Monster, a joint venture formed by Apollo Global Management and Randstad NV, has filed for Chapter 11 bankruptcy protection in Delaware. The company has entered into asset purchase agreements to transition ownership of its businesses, with JobGet Inc. acquiring the job board business, Valnet Inc. acquiring Monster Media Properties, and Valsoft Corporation acquiring Monster Government Services. This restructuring comes following a nearly 40% decline in revenue last year, as reported by Moody's Ratings [1].

The company has initiated a court-supervised sale process under Section 363 of the U.S. Bankruptcy Code. This process aims to maximize the value of the businesses while preserving jobs. The sale of the job board business to JobGet Inc., Monster Media Properties to Valnet Inc., and Monster Government Services to Valsoft Corporation are subject to higher and better offers and are expected to close in the coming weeks.

To facilitate the sales, CareerBuilder + Monster has entered into a voluntary Chapter 11 process in the U.S. Bankruptcy Court for the District of Delaware. The company is also finalizing an agreement with Blue Torch Capital for up to $20 million in debtor-in-possession (DIP) financing. This financing is expected to provide the company with the necessary funds to continue operating during the sale process.

The company's CEO, Jeff Furman, stated, "For over 25 years, we have been a proud global leader in helping job seekers and companies connect and empower employment across the globe. 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."

CareerBuilder + Monster is committed to providing clients with cutting-edge solutions and unmatched service during the court-supervised sale process. The company is also conducting a comprehensive evaluation of strategic alternatives for its international businesses and implementing related restructuring actions across its U.S. operations.

References:
[1] https://www.morningstar.com/news/pr-newswire/20250624cl16939/careerbuilder-monster-enters-into-asset-purchase-agreements-to-transition-ownership-of-its-businesses