Monster and CareerBuilder File for Bankruptcy, Sell Off Key Assets
Monster and CareerBuilder, once dominant players in the online job search industry, have filed for Chapter 11 bankruptcy as they move to sell off core parts of their business under court supervision.
The two companies, which merged in 2023 under the joint brand Monster + CareerBuilder, announced the bankruptcy filing on Tuesday, citing an “uncertain macroeconomic environment” as a key factor behind the decision.
In a statement, Jeff Furman, CEO of the combined company, said, “This court-supervised sale process is the best path toward maximizing the value of our businesses and preserving jobs. While these decisions are difficult, they are necessary.”
The company revealed that its flagship job board platforms – once the go-to destinations for job seekers in the early days of the internet – will be sold to JobGet, a growing platform focused on gig and hourly workers. Monster Government Solutions, which provides recruitment software to U.S. government agencies, is being acquired by Canadian tech firm Valsoft Corporation.
Additionally, the company’s media assets, including Military.com and FastWeb.com, are being sold to Valnet, a Canadian digital media publisher. All proposed sales remain subject to court approval and are open to higher bids.
The once-household brands were among the pioneers of online job hunting during the dot-com boom, with Monster famously running high-profile Super Bowl ads. But over the past decade, they lost ground to newer, more agile platforms like Indeed, Glassdoor, and LinkedIn, which have come to dominate the digital hiring landscape.
Monster + CareerBuilder has secured $20 million in financing to support operations during the bankruptcy proceedings. However, the restructuring will include workforce reductions as part of broader cost-cutting efforts.
The companies’ 2023 merger had been backed in part by private equity firm Apollo Global Management, which retains a minority stake in the business.
As the digital employment space continues to evolve, this move marks the end of an era for two pioneers whose platforms helped define the modern job search – but ultimately struggled to keep pace with changing technology and user expectations.
