CareerBuilder + Monster has filed for Chapter 11 bankruptcy in Delaware, with assets of $50-$100 million and liabilities of $100-$500 million. The sale process will divide its operations, selling job board services to JobGet Inc. and Monster Media Properties to Valnet Inc., among others. CEO Jeff Furman cited a challenging economic environment affecting the business and stated that the restructuring will likely involve workforce reductions. The company is also securing up to $20 million in financing from Blue Torch Capital to support this transition.
"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.
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.
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