"NEW YORK (AP) For decades, Publishers Clearing House doled out hefty checks on the doorsteps of hopeful consumers across the U.S., including prizes that boasted lifetime payouts. But some of those winners are now facing an end to the forever money they were once promised. The turmoil arrives amid PCH's ongoing bankruptcy process. The sweepstakes and marketing company filed for Chapter 11 in April, citing growing financial strain that spanned from rising operational costs and changes in consumer behavior."
"In a statement sent to The Associated Press, ARB recognized the disappointment for past winners that it said was caused by the bankruptcy process and noted that it was committed to restoring and preserving the trust of the PCH brand going forward. ARB added that it was taking decisive steps to ensure that every future prize winner can participate with absolute confidence."
Publishers Clearing House filed for Chapter 11 in April, citing rising operational costs and shifts in consumer behavior. ARB Interactive purchased certain PCH assets in July for $7.1 million and launched PCH Digital to host future sweepstakes. Under the purchase terms, ARB says it is not responsible for prize payouts issued before July 15, with an exception for two unawarded SuperPrizes. ARB acknowledged winner disappointment tied to the bankruptcy and pledged steps to restore trust, including creating a paying structure separate from ARB to guarantee future prizes regardless of ARB's financial status. PCH listed multiple prize winners among creditors with millions in claims.
Read at www.bostonherald.com
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