Penthouse Publishers Bankrupt
Looks like they're in need of a different type of stimulus package.
FriendFinder Networks filed for chapter 11 bankruptcy today. The company publishes adult magazine Penthouse and houses adultfriendfinder.com. Court documents show that the company is unable to pay certain loan payments.
The company has listed liabilities at an estimated $500 million to $1 billion, with assets at around $10 million.
The company has had a 'hard' time making any net profit from Friend Finder. Matter of fact, the company hasn't made any profit from the website since 2008. Their revenue from four consecutive fiscal quarters is at about $293 million.
Back in 2010, Penthouse attempted to buy Playboy Enterprises Inc. for $210 million. The deal fell through.