Penthouse publisher files for bankruptcy as revenue falls
The company, best known for its magazine featuring explicit photographs of naked women, missed payments on $41.8 million of bonds in April.
New York-based General Media, a unit of Penthouse International Inc, is 85% owned by Bob Guccione, who founded Penthouse in 1965. Penthouse’s revenue has fallen 53% in the past decade to $53.8 million, and liabilities exceed assets by $64 million, regulatory filings show.
