(Reuters) – perhaps sex does not sell that well after all.
FriendFinder communities Inc FFNT.PK , author of Penthouse magazine and various adult-entertainment web pages, submitted for section 11 case of bankruptcy on Tuesday.
The business, which needed to combine social networking and sex, mentioned it got hit a deal with noteholders which will lessen the debt by $300 million if authorized by the U.S. personal bankruptcy Court in Delaware.
Beneath the arrange, one group of noteholders usually takes possession in the gender entertainment company, which traces its root on the late Penthouse manager Bob Guccione. As is typical in bankruptcy proceeding, investors will likely be left with little.
Power over the company would check-out Andrew Conru and Lars Mapstead, two noteholders whom offered different social networking sites to FriendFinder in 2007.
Through a network of 1000s of website, FriendFinder produces real time video clip, boards, and picture and video clip posting. dog dating service It also needed to touch the influence of social network with sites such as for example adultfriendfinder, which marketed relaxed sex, and bigchurch, which aimed for spiritual relationships.
The business as well as its affiliates make up a major international community in excess of 8,000 internet sites with 220 million customers and 750,000 subscribers, relating to documents.
But while Facebook FB.O , LinkedIn LNKD.N alongside social websites has boomed, FriendFinder’s limped. Their profits in the year finished Summer 30 totaled $293.70 million, down 10% from past 12 months.
Most difficult hit is the organization’s networks, in which profits fell 17.6 %, based on legal filings. Continuar leyendo “Penthouse author FriendFinder documents for bankruptcy. Perhaps gender does not promote that really most likely”