Penthouse Files for Bankruptcy

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.