Like The Herald Business Journal on Facebook!
The Herald of Everett, Washington
Customer service  |  Subscribe   |   Log in or sign up   |   Advertising information   |   Contact us

The top local business stories in your email

Contact Us:

Josh O'Connor
Phone: 425-339-3007

Maureen Bozlinski
General Sales Manager
Phone: 425-339-3445
Fax: 425-339-3049

Jim Davis
Phone: 425-339-3097

Site address:
1800 41st Street, S-300,
Everett, WA 98203

Mailing address:
P.O. Box 930
Everett, WA 98206

HBJ RSS feeds

Penthouse owner files for bankruptcy

SHARE: facebook Twitter icon Linkedin icon Google+ icon Email icon |  PRINTER-FRIENDLY  |  COMMENTS
By Stuart Pfeifer
Los Angeles Times
Sometimes sex doesn't sell.
The company that owns Penthouse magazine and a host of online dating and adult websites filed for bankruptcy protection Tuesday.
The move by Penthouse owner FriendFinder Networks Inc. comes as many in the adult entertainment industry struggle because of an increase in free online options.
In a news release, the company said bankruptcy was "the most efficient and cost-effective way for the company to continue to operate our business.
In addition to Penthouse, FriendFinder runs adult websites and online dating sites such as, and
FriendFinder was created in 2007 after Penthouse Media Group acquired Various Inc. The company went public in 2011 under its current name.
FriendFinder Chief Executive Anthony Previte said the agreement with the majority of its note holders will allow the company to refinance long-term debt, reducing interest expense and positioning its strongest brands for growth.
The company's current common stock will be extinguished once the agreement becomes effective and will no longer trade on the open market, FriendFinder said in a news release.
Last month, FriendFinder's stock was delisted from the Nasdaq exchange because it failed to trade above $1. It is now sold over the counter.



Share your comments: Log in using your HeraldNet account or your Facebook, Twitter or Disqus profile. Comments that violate the rules are subject to removal. Please see our terms of use. Please note that you must verify your email address for your comments to appear.

You are logged in using your HeraldNet ID. Click here to update your profile. | Log out.

Our new comment system is not supported in IE 7. Please upgrade your browser here.

comments powered by Disqus

Market roundup