Penthouse goes belly-up, files for bankruptcy

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BOCA RATON, FL – Sex sells, right? Tell that to the people at Friend Finder Networks Inc. The company that owns Penthouse Magazine is more than 300 million dollars in debt and has filed for Chapter 11 bankruptcy.

If you didn’t know Penthouse was still around, apparently you’re not alone. Many convenience stores don’t even carry magazines anymore. So as magazine market penetration shrinks, profits droop. And with the evolution of free internet porn, it’s easy to understand why the old school magazines are nearly extinct.

Friend Finder Inc.’s other companies include a network of 8,000 websites, among them, which helps adults find new ‘friends’ for uh, ‘adult’ purposes and, for those who prefer a more spiritual connection.

8,000 websites, 220 million members and they’re in mega debt; man, hooking up must not make revenue rise. If nothing else this is proof sex doesn’t sell — at least when people can get it for free.