CareerBuilder + Monster, a global leader in talent marketplaces and workforce solutions, has announced a court-supervised sale process aimed at maximizing value, preserving jobs, and ensuring a smooth transition of its businesses. The company entered into asset purchase agreements with JobGet Inc., Valnet Inc., and Valsoft Corporation for key parts of its operations, marking a significant restructuring amid a challenging macroeconomic climate.
Strategic Asset Sales Underway
The company agreed to sell its core job board business, which connects employers with candidates, to JobGet Inc. Meanwhile, Monster Media Properties — including military.com and fastweb.com — will be acquired by Valnet Inc. Valsoft Corporation is set to purchase Monster Government Services, the division specializing in human capital management software for federal and state governments.
To facilitate these sales, CareerBuilder + Monster voluntarily filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware. The sales, structured under Section 363 of the Bankruptcy Code, are subject to higher bids and court approval, with closing expected in the coming weeks.
Navigating Industry Headwinds
CEO Jeff Furman acknowledged the tough industry environment, saying, “Like many others in the industry, our business has been affected by a challenging and uncertain macroeconomic environment.” He emphasized that the court-supervised sale process was the optimal path to maximize business value while safeguarding jobs wherever possible.
The company is also implementing restructuring measures across its U.S. operations and evaluating strategic options for some international units.
Supporting Operations Through DIP Financing
To maintain business continuity during this transition, CareerBuilder + Monster is finalizing up to $20 million in debtor-in-possession financing with Blue Torch Capital. This funding will support ongoing operations, including employee wages and vendor payments.
Industry Impact and Outlook
CareerBuilder + Monster combines over 50 years of legacy from two iconic brands, providing employers with digital, social, and mobile hiring solutions. As the company retools its portfolio through these asset sales, it aims to continue delivering innovative workforce solutions amid an evolving talent landscape.
The restructuring highlights the challenges facing legacy job boards amid growing competition and shifting economic conditions but also signals a strategic pivot to sharpen focus and preserve key operations.
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