Sitrick and Company is working today's bankruptcy filing of FriendFinder Networks, the online adult entertainment network that acquired Penthouse Magazine in 2003.
The owner of AdultFriendFinder.com, Amigos.com, BigChurch.com and AsiaFriendFinder.com, distributor of video content, and operator of interactive chat rooms has lost money since 2008 due in part to the rise in social media sites like Facebook.
The Sunnyvale, Calif.-based company dropped another $10.3M during the Q2 on revenues of $68.9M, which were down 13.8 percent.
Anthony Previte, CEO, said the reorganization would refinance long-term debt to enable FF reinvest in its business and "position some of the strongest brands in the market for additional growth."
Sitrick’s Tom Becker and Lance Ignon are working the account.
FriendFinder also has used KCSA Strategic Communicaitons for financial PR work.
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