Publishers Clearing House seeks buyer after bankruptcy filing

Publishers Clearing House, the iconic sweepstakes company, has filed for Chapter 11 bankruptcy and is seeking to sell its assets. This move signals the potential end of the company. The company's bankruptcy filing, made on April 9th, is driven by declining revenue from the magazine industry, its primary source of income. Publishers Clearing House also faced a $18.5 million payout due to misleading claims. Publishers Clearing House, known for its prize giveaways, is attempting to preserve its brand through an asset auction, including its customer database and intellectual property. The company has also secured a loan.