Penthouse magazine's parent company has field for Chapter 11 bankruptcy protection. The "Los Angeles Times" says Penthouse Global Media made the filing Thursday in U.S. Bankruptcy Court's Central District of California courthouse. The Chatsworth-based company founded in 1965 by the late Bob Guccione listed estimated liabilities between $10,000,000 and $50,000,000. Penthouse, Playboy and Hustler have struggled financially in recent years as the print ad market has declined and the adult entertainment industry has moved to the Internet.
Playboy is reportedly considering ending its print magazine.
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