NEW YORK (April 10, 2025) — Publishers Clearing House (PCH), the iconic sweepstakes and direct marketing company, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York this week, aiming to finalize its transformation into a purely digital, ad-supported entertainment company.
To fund operations during the restructuring process, PCH has secured debtor-in-possession (DIP) financing from Prestige Capital. The company did not disclose the amount of the facility, but said the funding is expected to provide adequate liquidity to support day-to-day operations through the reorganization.
“This DIP facility is essential to ensuring operational continuity while we realign our business for long-term growth,” said CEO Andy Goldberg in a statement. “It gives us the runway to complete our exit from legacy operations and invest in our digital advertising and data-driven consumer engagement model.”
PCH’s bankruptcy filing seeks to shed the costs and liabilities associated with its legacy direct mail, online retail, and magazine subscription lines. The company said it will continue awarding sweepstakes prizes without interruption—a key consumer-facing feature that remains central to its brand identity.
As part of its restructuring strategy, PCH has retained SSG Capital Advisors to explore a potential sale of its digital assets or to bring in a new capital partner. The company is also being advised by Klestadt Winters Jureller Southard & Stevens LLP (legal), Getzler Henrich & Associates LLC (restructuring), and C Street Advisory Group (communications).
PCH said it expects “full continuity” in its digital operations, which include a portfolio of free-to-play games and ad-supported web and mobile experiences.
Additional information for creditors and interested parties is available via Omni Agent Solutions at https://omniagentsolutions.com/PCH.
