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CareerBuilder + Monster, an online job hunting joint venture, announced on Tuesday it filed for bankruptcy in Delaware. The company initiated the Chapter 11 process to facilitate a sale of its operations, with assets totaling between $50 to $100 million and estimated liabilities of some $100 to $500 million, according to its bankruptcy filing. Fast Company has reached out to the company for comment. The bankruptcy plan calls for the assets to be divided up, selling its jobs board business to JobGet Inc.; selling Monster Media Properties to Valnet Inc. (which includes Military.com and Fastweb.com); and transferring Monster Government Services to Valsoft Corp. However, the asset sale is subject to other, higher offers, according to the press release. “For over 25 years, we have been a proud global leader in helping job seekers and companies connect and empower employment across the globe,” Jeff Furman, CEO of CareerBuilder + Monster, said in a statement. “However, like many others in the industry, our business has been affected by a challenging and uncertain macroeconomic environment. 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.” Furman added that CareerBuilder + Monster also plans to restructure, which would include a reduction of its current workforce, and the company is in talks with Blue Torch Capital for up to $20 million of debtor-in-possession financing. Monster, which dominated the internet job search industry starting in the 1990s, merged with then-struggling CareerBuilder in 2024, with Dutch multinational human resource consulting firm Randstad NV taking a minority stake in that business. Owned by Apollo Global Management, CareerBuilder saw a decline in subscription renewals after the pandemic, from which it never recovered. Although the merger created one mega job board, sales continued to decline, with CareerBuilder’s revenue falling to $49.2 million in 2024, a 40% drop compared to 2023, according to Moody’s Ratings, as reported by Bloomberg.
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E-Commerce
New Yorkers are heading to the polls Tuesday to cast their ballots for the city’s next mayor. And it’s not just NYC that’s invested. The Democratic primary race between a fresh-faced 33-year-old democratic socialist and a seasoned politician clawing for a comeback has captivated the countrynot just because the top candidates couldn’t be more different, but because the election could offer a glimpse of what kind of democratic candidates Americans are seeking to elect in other upcoming races. (The person chosen to lead America’s biggest city will presumably be a Democrat and could help set the tone for the party’s platform nationwide.) A study in contrasts Former New York Governor Andrew Cuomo and New York State Assemblymember Zohran Mamdani, the two frontrunners in the mayoral race, are starkly different candidatesa fact that Mamdani, who would be New York’s first Muslim mayor if elected, has played into leading up to election day. While Andrew Cuomo, who resigned as New York’s governor in 2021 over dozens of sexual harassment allegations, is backed by billionaire donors, centrists, and well-known democrats like Bill Clinton, Mamdani has the support of hard-leaning leftists like Senator Bernie Sanders of Vermont and Representative Alexandria Ocasio-Cortez of New York’s 14th congressional district. Prior to joining the mayoral race, Mamdani was essentially a political unknown. Still, he’s managed to gain major traction with emotional speeches, a captivating social media presence, and a laser-pointed focus on an issue that most New Yorkers (as well as most Americans) are deeply concerned with at present: lowering the cost of living. “This is the most expensive city in the United States of America and New Yorkers are tired of having to worry each and every hour of each and every day about whether they can afford to live here, Mamdani said yesterday to a crowd of supporters. Ranked-choice voting system adds additional drama Interestingly, in a rare move, the candidate isn’t just campaigning for his own leadership. He’s teamed up with other candidates, like State Senator Zellnor Myrie and city Comptroller Brad Lander, to block Cuomo from ranking in New York’s ranked-choice voting system, which was new to the city last year. The system means that New Yorkers can cast votes for, not one, but up to five candidates. Mamdani and other candidates have been preaching to supporters to fill out their entire ballot but “Don’t rank Cuomo.” Lander, meanwhile, had his own viral moment last week when he was taken into custody by federal immigration officials outside of a Manhattan courtroom, an incident caught on dramatic video. On the other end of the spectrum from Mamdani, Cuomo is leaning into his experience as a seasoned leader. This is not a job for a novice,” he told supporters this week. “This is not a job for a person who never really had a job before. We need someone who knows what they are doing on day one, because your lives depend on it.” In recent weeks, the race has been heating up with projections that have stunned and excited Mamdani supporters. While Cuomo was the clear frontrunner earlier this year, Mamdani pulled ahead in the most recent public poll, published Monday. How can I track NYC election results in real time? The polls don’t close in NYC until 9 p.m. Tuesday, but due to the city’s voting system, a final count could take a full week. If one candidate is the first choice of a majority of voters, they’ll take the race. However, If no candidate emerges straight away, the tabulation of rankings would begin on July 1. Meaning, while NYC is already going to be hotter than your average summer day, the heat around this race could be even hotter. With so much riding on who New York’s next mayor will be, voters and interested parties across the country are bound to be following closely as the votes come in. Here are a few ways to stay up to date: Ways to watch: The New York Times will offer live updates on the race and election results as they come in. The outlet will show “simulated ranked-choice results for the first and final rounds of voting.” Find it here. PBS will show live election results as they come in, along with a live map to show how the city is voting in real time. Find it here. The Board of Elections will release “unofficial, first-choice-only votes” just after the polls close and continuously update the results. The results will be broken down into districts. Find it here. If you’re a New Yorker who isn’t sure which election district you live in, you can look it up here.
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E-Commerce
Back in March, to mark International Womens Day, LOreal launched a short film called The Final Copy of Ilon Specht, a 18-minute profile of the advertising copywriter who coined the brands iconic tagline, Because Im Worth It. For the past 50 years, its been the global beauty giants own version of Just Do It. But this is far from the usual self-congratulatory brand hype video. Directed by Oscar winner Ben Proudfoot, the film spotlights the fights Specht had to win in order for her vision to come to life in 1971. Close to 80 years old during filming, Specht didnt pull any punches. She paints a picture of what advertising in that era looked like, both outwardly in the world, and internally as a business. In the ’70s, most of the advertising for womens products were from the perspective of men, or in service to men. This will make you pretty . . . for your man. This will clean the house better . . . for your husband and children. In the film, she describes male colleagues who were always arguing with her and taking credit when something worked. She recalled how during pitch and idea meetings for LOreal Preference hair color, male colleagues had suggested an idea that cast the woman as an object, rather than the subject. I was feeling angry. Im not interested in writing anything about looking good for men. Fuck em, says an elderly, and terminally ill, Specht in the film, before looking straight down the camera to the male camera operator. And fuck you, too. The film won the Grand Prix for the film category at the Cannes Lions of Creativity last week, and is currently streaming on TED, AMC+, and Prime Video. McCann global CEO Daryl Lee credits his colleague Charlotte Franceries, president of McCann Paris and the agencys lead on the LOreal business. The fact that we made this true story about one woman is because Charlotte said to me, we are all benefiting as McCann and as L’Oreal Paris from the power of one woman’s truth and no one knows her name, says Lee. What could have been The original ad for LOreal Preference hair color that first used the line, Because Im Worth It is a single shot of a woman walking towards the camera, explaining why she likes it, and how it makes her feel. @lorealparis Our original Preference ad from 1973. You know the line but do you know the story of the woman behind our iconic tagline? #LorealParis #iamworthit#OnRegardeQuoi #thefinalcopyofilonspecht son original – LOréal Paris – LOréal Paris In the doc, we find out that spot almost never happened. In fact, Specht went behind her bosses’ back to create the ad after her agency produced and the brand approved a spot with almost the exact same script, except it was a man speaking the words on behalf of his wife, walking silently beside him. Its clear that 50 years later it still made Specht angry. Angry enough to not want to talk about advertising or that campaign ever again. But director Ben Proudfoot convinced her to participate. To get Proudfoot involved, producer Brendan Gaul says the key was to give the director 100% creative control. Our intention was to create a film from the beginning, not a piece of advertising that looked like a film, says Gaul. And the distinction there actually is in the creative control. The distinction is also in how the film rolled out. Not as part of an ad campaign, but on the film festival circuit. After premiering at Tribeca X in June 2024, it earned Best Short Documentary at HollyShorts Film Festival, Best Short Documentary and the Best Atlantic Filmmaker Award at Lunenburg Film Festival, Best Documentary Short at the Chelsea Film Festival, and Best Short Film at Hot Springs Documentary Festival. Relevant past and present Franceries says that the entire doc process began as an exercise for LOreal to interrogate the relevance of its longtime tagline. That after 50 years or so, perhaps it was losing a bit of its meaning to people. We needed to keep it but had to give it a much stronger meaning, says Franceries. And the documentary is the most efficient piece of content weve done to convince people about the true meaning. Since its release, the film has attracted more than two billion impressions, and increased brand consideration for LOreal by 70% among viewers. Its a story of the past that does not sugarcoat the role both LOreal and McCann played as corporations and as work environments to contribute to the culture Specht was reacting against. Lee says thats important because it shows how relevant it is to constantly be checking for blindspots, both as a person and a company. And in an environment where more and more corporations are receding away from DEI commitments, the message of the film is as important as it was 50 years ago. The blind spot is always going to be inclusion,” says Lee. Business is now speed, seamlessness and scale, and you have to keep checking yourself to say, Okay, we could do this faster, but someone is not speaking up, or someone is not participating, and they could be the person who unlocks the truth here.’ Specht died in April 2024 at the age of 81. She never saw the finished film. Thankfully, her voice still lives on. “I’m not interested in advertising, I don’t give a shit, she says in the film. Its about humans; its not about advertising. It’s about caring for people because . . . we’re all worth it, or no one is worth it.
Category:
E-Commerce
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