A US company has applied for the insolvency process. This company once used to have the biggest stake in online business, but today its situation has become very bad. This company is a careerbuilder and monster, which was merged last year and became a company. It applied for insolvency conservation under chapter 11 on Tuesday and said that it is planning to sell its business.
The Chicago -based company, built through the merger of carrierbuilder and monster in September, said it had agreed to sell its job board operation business to Jobget. This company has given its software service business to Canadian software company Velsoft for federal and state governments, Military.com and Fastwab.com websites Canadian Media Company
Careerbuilder + Monster has also agreed to sell its software service business for federal and state governments to Canadian software company Velsoft, and Military.com and Fastwab.com websites to Canadian Media Company Valnet. The buyers agreed to act as ‘stocking horses’ bidder. However, the condition has not been revealed.
How much property does the company have?
According to the documents filed in the Delaware Bankruptcy Court, Careerbuilder + Monster has assets of $ 50 million to $ 100 million and a loan of $ 100 million to $ 500 million. The company is collecting $ 20 million funding to continue operations despite bankruptcy. In a statement, CEO Jeff Furman has faced a ‘challenging and uncertain comprehensive economic environment’ by Careerbuilder + Monster, and the sales process under the court supervision is the best way to maximize the price and preserve jobs.
Why was the company ruined?
According to the report, the company is facing competition from other job platforms, including social media websites like Agrigeters and LinkedIn. Monster and careerbuilders were one of the largest companies in the late 1990s and early 2000s. Its first brand was so popular that it often bought Super Bowl Ads promoting its service.
It is worth noting that Careerbuilder + Monster is owned by private equity firm Apollo Global Management APO.N and Dutch Staffing Company Randstad Rand.As. Elixparteners and Law firms Latham and Watkins are advising for restructuring Careerbuilder + Monster.