After decades in business as separate entities, the recently merged Careerbuilder + Monster has applied for bankruptcy.
On Tuesday, the company announced that it has launched a voluntary process of Chapter 11 at the USA’s District Court for Delaware, as business continues to decline. Chapter 11 allows the company to continue operation while reorganizing its finances and developing a plan to repay its creditors.
“Our business has been influenced by a demanding and uncertain macroeconomic environment,” said Jeff Furman, CEO of Careerbuilder + Monster. “We have found that the start of this dirty processing process on the short side is the best way to maximize the value of our businesses and maintain jobs.”
The bankruptcy plan proposed on Tuesday to propose the sale of Careerbuilder + Monster to various companies. Business on the company’s working board would be sold to Job App Jobget, Monster Media Properties would be transferred to Media Company Valnet and investment company Valsoft by Monster Government Services. Transactions that have an unpublished value are subject to short approval and are expected to close in the coming week.
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Careerbuilder + Monster also makes restructuring efforts across its American businesses. Furman said that the company “makes good” changes to reduce its workforce. It is not clear how many employees will be influenced by the reduction of jobs that are intended to reduce costs.
Careerbuilder and Monster were pioneers in the online hunting area, which were at the age of 20, and popularized the search for work online. Both merged in September 2024 to create a unified working board with more options and greater reach. However, the joint company still faces sales of declinate. According to Moody’s evaluation, Careerbuilder returned to $ 49.2 million in 2024, a 40% decline compared to 2023.
The company has recently faced hard competition from LinkedIn, and indeed, which have both seen significant growth in the last decade. In fact, they say it is the best job in the world based on total visits, with more than 580 million users per 60 country and more than 3.5 million employers who use the site to find new rental.
Meanwhile, LinkedIn says it is a “big professional network in the world” with more than billions of users in 200 countries. The company acquired by Microsoft in 2016, generated in 2024 estimated income of $ 16.37 billion, which is in 2019 an increase compared to $ 7 billion.
Related: The AI LinkedIn writing tool is not as “popular” as the CEO thought. Therefore, they think users avoid it.
After decades in business as separate entities, the recently merged Careerbuilder + Monster has applied for bankruptcy.
On Tuesday, the company announced that it has launched a voluntary process of Chapter 11 at the USA’s District Court for Delaware, as business continues to decline. Chapter 11 allows the company to continue operation while reorganizing its finances and developing a plan to repay its creditors.
“Our business has been influenced by a demanding and uncertain macroeconomic environment,” said Jeff Furman, CEO of Careerbuilder + Monster. “We have found that the start of this dirty processing process on the short side is the best way to maximize the value of our businesses and maintain jobs.”
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