Online job site pioneer CareerBuilder + Monster – Business News
CareerBuilder + Monster, which as soon as dominated the online recruitment industry, filed for Chapter 11 chapter safety on Tuesday and mentioned it plans to sell its companies.
Created via the September merger of CareerBuilder and Monster, the Chicago-based company mentioned it agreed to sell its job board operations, its most recognizable business, to JobGet, which has an app for so-called gig employees.
CareerBuilder + Monster additionally agreed to sell its software program companies business for federal and state governments to Canadian software program company Valsoft, and the army.com and fastweb.com web sites to Canadian media company Valnet.
According to papers filed in Delaware chapter court docket, CareerBuilder + Monster has $50 million to $100 million of belongings, and $100 million to $500 million of money owed. REUTERS
The consumers agreed to behave as “stalking horse” bidders, with gross sales subject to raised provides.
Terms weren’t disclosed.
According to papers filed in Delaware chapter court docket, CareerBuilder + Monster has $50 million to $100 million of belongings, and $100 million to $500 million of money owed.
The company is lining up $20 million of financing to keep working in chapter.
In a assertion, Chief Executive Jeff Furman mentioned CareerBuilder + Monster has confronted a “challenging and uncertain macroeconomic environment,” and a court-supervised sale course of was the best strategy to maximize worth and protect jobs.
According to printed stories, the company has struggled with competitors from different job platforms, together with aggregators and social media web sites comparable to LinkedIn.
Created via the September merger of CareerBuilder and Monster, the Chicago-based company mentioned it agreed to sell its job board operations, its most recognizable business, to JobGet, which has an app for so-called gig employees.
CareerBuilder + Monster is owned by personal equity firm Apollo Global Management and Dutch staffing company Randstad.
AlixPartners and the law firm Latham & Watkins are advising CareerBuilder + Monster because it restructures.
