Publishers Clearing House, known for its ‘Prize Patrol' sweepstakes, files for bankruptcy [BNN Bloomberg (Canada)]
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Source: BNN Bloomberg
In an announcement this week, PCH said it was using the bankruptcy process to “finalize a shift away” from its legacy business of direct-mail, retail merchandise and magazine subscriptions. The company is hoping to instead transition to a “pure digital advertising” model, where it will continue to offer free-to-play entertainment and prizes. The Chapter 11 proceedings, filed in New York on Wednesday, arrive amid growing financial strain for PCH — which has struggled with rising operational costs and changing consumer habits in recent years. Pivoting from its old way of doing business will help the company break free from past constraints and “establish a strong foundation for our future,” CEO Andy Goldberg said in a statement. But that doesn't mean the famous sweepstakes are going away. PCH says it plans to operate in a “business-as-usual manner” throughout the bankruptcy process — noting that the “Prize Patrol” team will continuing to deliver awards across the U.S. The company
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