Business Magazine

Adult Friend Finder; Publisher Of Penthouse & Owner of a Ton of Websites Files For Bankruptcy

Posted on the 18 September 2013 by Worldwide @thedomains

Just two years after it went public at $10 a share, FriendFinder Networks,  publisher of Penthouse,  filed for Chapter 11 bankruptcy yesterday.

 

The bankruptcy petition cites up to $1 billion in debt and less than $10 million in assets.

39 other related companies filed for bankruptcy.

 

The company and its affiliates comprise a global network of more than 8,000 websites with 220 million members and 750,000 subscribers, according to court documents.

FriendFinder has only generated $300 million in revenue last year, but hasn’t turned a net profit since 2008.

The company blamed a decline in membership and increasing affiliate fees.

It also stated that some credit card companies aren’t processing payments made on the site without giving them a reason.

The company will reorganize its debts.

Shares in the company last traded under its FFN symbol on August 7th at $.43 cents a share when it was de-listed from the NASDAQ, yesterday shares of the company basically went to zero on the pink sheets (OTCMKTS:FFNT) after investors found out that the company would no longer be a public company after the bankruptcy.

 

 …


You Might Also Like :

Back to Featured Articles on Logo Paperblog

These articles might interest you :

  • Why Do My T-Shirts Get Holes in the Bottom?

    T-Shirts Holes Bottom?

    I was once in a client’s wardrobe doing a wardrobe therapy session and the smell of mothballs was overpowering. She had them all over... The post Why Do My... Read more

    14 hours, 53 minutes ago by   Imogenl
    FASHION, LIFESTYLE
  • Why Do My T-Shirts Get Holes in the Bottom?

    T-Shirts Holes Bottom?

    I was once in a client's wardrobe doing a wardrobe therapy session and the smell of mothballs was overpowering. She had them all over her closet, hanging... Read more

    14 hours, 53 minutes ago by   Imogenl
    FASHION, LIFESTYLE
  • Kiwi Cookies

    Kiwi Cookies

    (recipe adapted from Carol Hu)Ingredients:(A)Kinako flavour60g Cowhead salted butter40g fine sugar20g egg110g Blue Jacket Cake Flour10g Kinako(B)Matcha... Read more

    14 hours, 53 minutes ago by   Cathysjoy
    FOOD & DRINK, RECIPES
  • George A. Romero – The Best Movies

    George Romero Best Movies

    George A. Romero - The Best Movies The horror genre recently lost one of its true visionaries, filmmaker George A. Romero. Romero began his career with a... Read more

    The 24 July 2017 by   House Of Geekery
    ENTERTAINMENT, TV & VIDEO
  • Review: "BLACK!" (Athenaeum Theatre)

    Review: "BLACK!" (Athenaeum Theatre)

    Enthralling one-man show explores what it means to be black in America and the world I have a great respect and admiration for a performer who can hold an... Read more

    The 24 July 2017 by   Chicagotheaterbeat
    CULTURE, THEATRE & OPERA
  • And After the Break: Can Paris Prosper at London's Expense post-Brexit?

    After Break: Paris Prosper London's Expense post-Brexit?

    This is a package I put together for The National - which permits its reproduction here - on where Paris finds itself and hopes to be as a result of the... Read more

    The 24 July 2017 by   Colin Randall
    CULTURE, TRAVEL
  • Ebony Steele Gets New Talk Show Gig Will Replace the T.d. Jakes Show

    Ebony Steele Gets Talk Show Will Replace T.d. Jakes

    ChristianNews Ebony Steele, formerly of the Rickey Smiley Morning Show has got herself a new gig as a talk show host, on   “The Daily Blast Live,” a... Read more

    The 24 July 2017 by   Firstladyb
    SPIRITUALITY

Paperblog Hot Topics

Magazines