Penthouse Files for Bankruptcy

    The mast heads of long time competitors Playboy and Penthouse men's magazines are seen July 15, 2010. Penthouse and Playboy, after decades of battling it out on the newsstands, are gearing up for another fight -- an ownership struggle. Penthouse owner FriendFinder Networks announced on Thursday that it was making a 210-million-dollar unsolicited bid for Playboy magazine publisher Playboy Enterprises. The Boca Raton, Florida-based FriendFinder's offer for the rival adult empire came three days after Hugh Hefner, Playboy's 84-year-old founder, offered to buy all of the outstanding shares in the company to take it private.   AFP Photo/Paul J. Richards (Photo credit should read PAUL J. RICHARDS/AFP/Getty Images)

    Paul J. Richards/AFP/Getty

    Is Penthouse just not as steamy in the age of the Internet? The California company that owns the sexy magazine as well as a number of online dating sites filed for bankruptcy protection on Tuesday. Penthouse is owned by FriendFinder Networks Inc., which was formed in 2007 when Penthouse Media Group bought Various Inc., and it went public in 2011 under its current name. Under bankruptcy protection, FriendFinder’s current common stock will be wiped out and it will no longer be traded on the open market. Last month, FriendFinder’s stock was delisted from Nasdaq because it failed to trade for more than $1. Yikes.

    Read it at Los Angeles Times