New York (AP) – Publishers Clearing House, a marketing and drawing company known to have distributed large “patrol” checks, filed a request for protection against the bankruptcy of Chapter 11.
In an announcement this week, PCH said that he used the bankruptcy process to “finalize a discrepancy” of his activities inherited from direct mail, retail goods and magazine subscriptions. Rather, the company hopes to move on to a model of “pure digital advertising”, where it will continue to offer free entertainment and prices.
Chapter 11 procedures, filed Wednesday in New York, arrive in the middle of increasing financial pressure for PCH – which has struggled to increase operational costs and change consumer habits in recent years.
Pivoting his old way of doing business will help the business free himself from past constraints and “establish a solid base for our future,” CEO Andy Goldberg said in a statement.
But that does not mean that the famous competition disappears. PCH says that it plans to operate in a usual manner “throughout the bankruptcy process – noting that the” price patrol “team will continue to postpone prices through the United States, the company has declared that it is aligned with the financing of prestige to finance operations through its restructuring.
The PCH roots date back to 1953 – when Harold and Luesther Mertz and their daughter, Joyce Mertz -Gilmore, trained a business from their home in Long Island, in New York, to send direct shipments to consumers who have requested subscribers for a number of magazines via a single offer.
The company then grew up with chances that consumers earn money – first launching a direct mail competition in 1967 – and extended its offers to a wide variety of goods, collectible figures with domestic articles and accessories “as we see on television”, in the years that followed. His team “Prize” in person was formed in 1989.
PCH has become known for surprising pricing winners with oversized checks, which have often been filmed and presented in television advertisements. In judicial documents on Wednesday, the company said that it had granted more than half a billion awards and continues to attract millions of candidates today.
But its operations have not been without financial pressure – especially in recent years.
“While PCH’s Divion and Electronic Commerce programs have been profitable for decades, modifying behavioral models, costs and consumer competition, as well as a drop in the pool of new prospecting names, had a negative impact on the company, resulted in losses from 2022,” wrote William H. H. H. H. H. H.
