CareerBuilder + Monster, once giants of online recruitment, have filed for Chapter 11 bankruptcy protection and announced plans to break up and sell their core businesses. Formed through a merger in September 2023, the Chicago-based company cited mounting debt and fierce competition from platforms like LinkedIn as key challenges.
The company has reached preliminary agreements to sell:
- Its flagship job board operations to JobGet, a platform for gig workers;
- Its government-focused software services to Canada’s Valsoft;
- The military.com and fastweb.com websites to Canadian media group Valnet.
All buyers are acting as “stalking horse” bidders, meaning higher offers can still be submitted. Bankruptcy filings reveal the company has between $50M–$100M in assets and $100M–$500M in debt. A $20M financing package is being secured to maintain operations during the bankruptcy process.
CEO Jeff Furman said the macroeconomic climate and competitive pressures made a court-supervised sale the best path to “maximize value and preserve jobs.”
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