A MAJOR platform for jobseekers has filed for bankruptcy, raising questions about its future.
Careerbuilder + Monster filed Chapter 11 bankruptcy in a court in Delaware.
The company was recently formed from the September merger of CareerBuilding and Monster, Fox Business reported.
It’s expected to continue operating despite the bankruptcy.
Monster was an early pioneer of online job recruiting, but has since waned in popularity.
As such, not everyone is sad to see the company facing bankruptcy.
USERS REACT
Jobseekers and recruiters took to Reddit to share their thoughts on the bankruptcy news.
“About time. They have contributed nothing to the job market,” one said.
“Well, well, well,” another wrote. “How far the mighty have fallen! I used to use CareerBuilder a lot for candidates. Monster has been a ‘has been’ for many years now.”
Many said the services had been sending them irrelevant job listings.
“Good riddance,” one wrote. “They were awful. I ended up blocking their emails because they kept sending utterly irrelevant stuff.
“I’m a degreed office worker with a decade of experience,” they added.
DIFFICULT ECONOMY
Officials blamed economic uncertainty for the company’s decline.
“Like many others in the industry, our business has been affected by a challenging and uncertain macroeconomic environment,” CEO Jeff Furman said. “In light of these conditions, we ran a robust sale process and carefully evaluated all available options.”
Some on social media have asked whether Monster’s competitors would follow suit.
“Hopefully Indeed and LinkedIn follow shortly behind lmao,” one Redditor wrote, without explanation for their apparent dislike of the platforms.
Others cautioned that a sector-wide collapse seemed unlikely.
“Myspace also folded but we don’t say social media has collapsed,” one X user wrote. “Monster and Careerbuilder have been replaced a couple times over with sites better at getting you hired.”
It’s worth noting that Careerbuilder + Monster has not folded entirely.
MORE BANKRUPTCIES
The U.S. Sun has tracked bankruptcies across many consumer sectors.
Craft store Joann also recently went bankrupt.
That’s left competitors like Michael’s with the option to buy some locations.
Home goods retailer At Home recently filed for bankruptcy, with some locations expected to close down as a result.
Footwear chain Freebird has closed many locations.
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