In a major shift in the online job search landscape, Monster and CareerBuilder — two of the most iconic job sites from the early internet era — have filed for Chapter 11 bankruptcy.
The announcement comes a year after the two firms merged under the banner Monster + CareerBuilder, with private equity firm Apollo Global Management acquiring a minority stake.
Asset Sales Underway
According to a company statement released Tuesday, the merged company is initiating a court-supervised sale of its core business units. This restructuring move includes the sale of:
Job Boards: The flagship platforms of both Monster and CareerBuilder are being sold to JobGet, a job platform focused on gig and hourly wage workers.
Government Services: Monster Government Solutions, a provider of recruitment software for U.S. state and federal agencies, will go to Valsoft Corporation, a Canadian enterprise software company.
Media Assets: Popular platforms, Military.com and FastWeb.com, will be acquired by Valnet, a Canadian digital media firm.
All asset sales are subject to court approval and open to higher competing offers.
Shifting Market Dynamics
In the late 1990s and early 2000s, Monster and CareerBuilder were the go-to platforms for job seekers, with Monster even running high-profile Super Bowl commercials.
However, the rise of platforms like Indeed, Glassdoor, and LinkedIn has dramatically eroded their market share.
“The business has been affected by a challenging and uncertain macroeconomic environment,” said Jeff Furman, CEO of Monster + CareerBuilder.
“This court-supervised sale process is the best path toward maximizing the value of our businesses and preserving jobs.”
Layoffs and Financing Support
As part of its restructuring, the company will undergo cost-cutting measures, including staff layoffs.
It has secured $20 million in debtor-in-possession (DIP) financing to support continued operations during the bankruptcy proceedings.
The company emphasized that it is working to ensure a “seamless transition” for its platforms and clients. The Monster and CareerBuilder File for Bankruptcy, Begin Asset Sales Amid Market Shiftoutcome depends on court proceedings and the potential emergence of higher bids for its assets.
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