Two of the most popular online platforms for job seekers have filed for bankruptcy.

Monster and CareerBuilder voluntarily filed for Chapter 11 earlier this week, reports CNN. In a press release, the company announced it is selling parts of its business to several buyers.

Monster and CareerBuilder joined together in September 2024 to form the 20th-largest online job advertising provider, StaffingIndustry.com reported.

According to the press release, Monster and CareerBuilder have entered into an agreement with JobGet Inc. to purchase the company’s job board business. The company has also entered into an asset purchase agreement with Valnet Inc. for the sale of Monster Media Properties, which includes the websites www.military.com and www.fastweb.com.

“For over 25 years, we have been a proud global leader in helping job seekers and companies connect and empower employment across the globe. However, like many others in the industry, our business has been affected by a challenging and uncertain macroeconomic environment,” Jeff Furman, the CEO of CareerBuilder + Monster, said in the press release. “In light of these conditions, we ran a robust sale process and carefully evaluated all available options. We determined that initiating this court-supervised sale process is the best path toward maximizing the value of our businesses and preserving jobs.”

While CareerBuilder and Monster soared to popularity during the dotcom boom, The Washington Post writes both companies struggled to stay competitive in the job recruitment industry after the internet bubble burst, particularly with competition from other job sites, including Indeed.com.

The Wall Street Journal reports CareerBuilder is finalizing a $20 million loan from Blue Torch Capital to help finance the bankruptcy process.