Monster and CareerBuilder, once giants in the online job search industry, have filed for Chapter 11 bankruptcy. The two companies, which merged last year to form a single entity called Monster + CareerBuilder, announced Tuesday that they are selling off portions of their business through a court-supervised process.
At the peak of the dot-com boom in the late 1990s and early 2000s, both platforms were dominant in the online job market. Monster, in particular, gained widespread recognition through high-profile Super Bowl advertisements. But in recent years, they’ve lost significant ground to newer competitors such as Indeed, Glassdoor, and LinkedIn.
Jeff Furman, CEO of the merged company, explained in a statement that ongoing economic uncertainty had taken a toll on the business. He said the decision to begin a sale process under bankruptcy protection was made to preserve value and protect jobs.
As part of the restructuring, their flagship job board services are being sold to JobGet, a platform that caters to hourly and gig workers. Monster Government Solutions, which offers software to government agencies, will be acquired by Valsoft Corporation, a Canadian-based tech company. Their media assets — including Military.com and FastWeb.com — are being sold to Canadian media company Valnet. All transactions are subject to court approval and may be overridden by higher bids.
To support operations during bankruptcy, the company has secured $20 million in financing. Furman acknowledged the difficult decisions being made, including staff layoffs, as part of cost-cutting efforts and to ensure a smooth transition for the company’s assets.
Monster and CareerBuilder, once fierce competitors, officially merged in 2023. The private equity firm Apollo Global Management holds a minority stake in the combined company.
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