The sweepstakes company known for the massive checks being delivered to unsuspecting winners, Publishers Clearing House, has filed for bankruptcy.
The company filed for Chapter 11 bankruptcy in the Bankruptcy Court for the Southern District of New York.
The filing will allow the company to reorganize its structure.
It plans to move away from direct mail, retail and magazine subscriptions and transform into a digital advertising platform that will have free-to-play entertainment via the web and apps that will allow users to win prizes.
The company said Publishers Clearing House, known as PCH, will operate “in a business-as-usual manner,” including having the Prize Patrol visit winners, giving them the supersized check, champagne and flowers, the same way it has done for more than half a century.
One woman won $50,000 this week and another person will get a $10,000 check.
PCH claims it has awarded more than $618 million over the years.
The bankruptcy reorganization will be financed through Prestige Capital.
It is also looking for other ways to bring in money such as selling digital assets or getting “a capital infusion” from a third party.
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