Online job search group CareerBuilder + Monster filed for Chapter 11 bankruptcy, the Chicago-based company said on Tuesday, weeks after it announced mass layoffs and plans to close its Loop headquarters.
CareerBuilder + Monster also announced plans to sell its career listings boards to JobGet, a Boston-based job search app, according to its bankruptcy filing in U.S. Bankruptcy Court in Delaware.
It also plans to sell Monster Government Services, provider of human resources software for state and federal governments, to Valsoft Corp., a Canadian software company. Monster Media Properties, including websites military.com and fastweb.com, will be sold to Valnet, a Canadian publishing and media investment firm.
CareerBuilder + Monster will cut 390 jobs by August 4, according to a June 5 filing under the Illinois Worker Adjustment and Retraining Notification Act. It will close its office at 200 N. La Salle St., CEO Jeff Furman said in a June 5 letter to employees.
The company has helped job seekers and employers connect for more than 25 years, Furman said in a news release on Tuesday. “However, like many others in the industry, our business has been affected by a challenging and uncertain macroeconomic environment … this court-supervised sale process is the best path toward maximizing the value of our businesses and preserving jobs.”
CareerBuilder + Monster is finalizing $20 million in financing from Blue Torch Capital to keep running under bankruptcy protection, according to the news release.
“We are making difficult but necessary decisions to reduce costs and help ensure a seamless transition of our businesses,” Furman said. “As a company in the business of people and talent management, reducing our workforce is always a painful step to take.”
CareerBuilder + Monster is seeking court authorization to continue operations, including paying employee wages and providing benefits.
CareerBuilder, based in Chicago, merged with Massachusetts-based Monster in September 2024. CareerBuilder is owned by funds managed by affiliates of Apollo Global Management, the private equity firm.
