CareerBuilder Canada, Co. and Monster Worldwide Canada Operations Inc., Bankruptcy

CareerBuilder Canada, Co. and Monster Worldwide Canada Operations Inc., the Canadian arm of online job boards CareerBuilder + Monster, each filed an assignment in bankruptcy on August 1, collectively listing approximately $3.2 million in liabilities. The bankruptcy filings follow the US-led Chapter 11 proceedings for the US parent companies, CareerBuilder + Monster, which were commenced in June.

CareerBuilder + Monster witnessed great success in the late 1990s and early 2000s, often buying Super Bowl commercials to advertise their services. However, the companies began to experience liquidity issues due to increasing competition in the industry from the likes of LinkedIn, Glassdoor and Indeed.

An auction in the Chapter 11 proceedings resulted in the sale of the job boards and brands to Bold Holdings for $28 million, saving at least 350 jobs. In addition, Iron Corp, an affiliate of a large privately-held investment company, has acquired Monster Media Properties, and PartnerOne has acquired Monster Government Solutions. The sales have resulted in certain operations and international affiliates being liquidated and/or consolidated.

A sale process for the Canadian operations will be conducted as part of the bankruptcy.

Grant Thornton is the bankruptcy trustee and is represented by TGF.