By Jonathan Stempel
(Reuters) -CareerBuilder + Monster, which as soon as dominated the net recruitment trade, filed for Chapter 11 chapter safety on Tuesday and stated it plans to promote its companies.
Created by way of the September merger of CareerBuilder and Monster, the Chicago-based firm stated it agreed to promote its job board operations, its most recognizable enterprise, to JobGet, which has an app for so-called gig employees.
CareerBuilder + Monster additionally agreed to promote its software program companies enterprise for federal and state governments to Canadian software program firm Valsoft, and the army.com and fastweb.com web sites to Canadian media firm Valnet.
The patrons agreed to behave as “stalking horse” bidders, with gross sales topic to higher gives. Phrases weren’t disclosed.
In response 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 corporate is lining up $20 million of financing to maintain working in chapter.
In an announcement, Chief Government Jeff Furman stated CareerBuilder + Monster has confronted a “difficult and unsure macroeconomic setting,” and a court-supervised sale course of was one of the best ways to maximise worth and protect jobs.
In response to printed studies, the corporate has struggled with competitors from different job platforms, together with aggregators and social media web sites similar to LinkedIn.
CareerBuilder + Monster is owned by personal fairness agency Apollo World Administration and Dutch staffing firm Randstad.
AlixPartners and the legislation agency Latham & Watkins are advising CareerBuilder + Monster because it restructures.
(Reporting by Jonathan Stempel in New YorkEditing by Nick Zieminski)
