The company that owns iconic smut magazine Penthouse filed for bankruptcy Tuesday. FriendFinder Networks Inc. owed $521.8 million at the end of March, the AP reports.
The California company attributes their failing to the plethora of free adult content online. They were delisted from Nasdaq in August due to their stock not trading above $1.
The company operates a network of over 8,000 websites running the gambit between traditional dating sites, like PerfectMatch.com, and adult themed sites, like the original Adult Friend Finder.com, to even Christian-oriented dating sites, like BigChurch.com.
The creators of AdultFriendFinder.com, Various Inc., sold their adult sites to Penthouse Media Group in 2007 for $401 million, reports The Wall Street Journal. Penthouse Media Group later changed it’s name to reflect the wider variety of holdings.
Penthouse magazine is famous for being raunchier than its counterpart, Playboy. It has featured Vanessa Williams, Jenna Jameson and Traci Lords.