After decades in business as separate entities, the recently merged company CareerBuilder + Monster has filed for bankruptcy.
The company announced on Tuesday that it had initiated a voluntary Chapter 11 process in the U.S. Bankruptcy Court for the District of Delaware as business continues to decline. Chapter 11 allows a company to continue operating while it reorganizes its finances and develops a plan to repay its creditors.
“Our business has been affected by a challenging and uncertain macroeconomic environment,” Jeff Furman, CEO of CareerBuilder + Monster, said in a press release. “We determined that initiating this court-supervised sale process is the best path toward maximizing the value of our businesses