Former job board giants CareerBuilder and Monster face breakup and asset sale

What just happened? Once giants of the online job search industry, CareerBuilder + Monster is now set to be dismantled and sold off in parts, following a Chapter 11 bankruptcy filing in Delaware this week. The development comes less than a year after the two companies merged in a bid to regain relevance in a market now dominated by newer digital competitors.

The Chicago-based company has reached agreements to sell its most prominent business lines to three separate buyers. JobGet, a platform focused on gig and hourly work, will acquire the core job board operations that once made both CareerBuilder and Monster household names for job seekers and employers.

The division that provides human capital management software to federal and state governments, known as Monster Government Services, is being acquired by Montreal-based Valsoft Corp., a company recognized for its acquisitions of specialized software businesses. Meanwhile, the digital media properties Military.com and Fastweb.com are set to be transferred to Valnet, a Canadian media conglomerate that owns a broad portfolio of online content brands.

These transactions are structured as stalking horse bids, meaning each buyer sets a minimum price for the assets, but the sales remain open to higher offers as part of the bankruptcy court’s supervised auction process. The deals are subject to court approval and are expected to close in the coming weeks.

JobGet will acquire the core job board operations

Bankruptcy filings reveal that CareerBuilder + Monster is facing significant financial strain, with liabilities estimated between $100 million and $500 million, and assets valued at only $50 million to $100 million. To maintain operations during the restructuring, the company has secured up to $20 million in debtor-in-possession financing from BlueTorch Capital.

Chief Executive Jeff Furman cited a “challenging and uncertain macroeconomic environment” as a key reason for the bankruptcy and sale, noting that the company had conducted an extensive search for alternatives before concluding that a court-supervised sale was the best option for preserving value and jobs.

The company’s struggles reflect broader shifts in the online recruitment sector, where platforms like Indeed, Glassdoor, and LinkedIn have overtaken traditional job boards by aggregating listings and leveraging social media networks.

CareerBuilder + Monster is currently owned by private equity firm Apollo Global Management and Dutch staffing company Randstad, which created a joint venture to facilitate last year’s merger. AlixPartners and the law firm Latham & Watkins are advising on the restructuring process.

The bankruptcy marks a dramatic turning point for two of the internet’s earliest and most influential job search brands. Both CareerBuilder and Monster were pioneers in bringing employment listings online in the late 1990s and early 2000s, but their dominance faded as the digital landscape evolved. Now, as their assets are parceled out to new owners, the era of the standalone job board appears to be drawing to a close.