Publishers Clearing House goes bankrupt

It’s the end of an era. After 72 years, Publishers Clearing House, the people that show up at homes across America and hand out giant checks, has gone bankrupt. It was initially founded as an alternative to door-to-door magazine subscription sales by offering bulk mail direct marketing, but it was best known for their prize sweepstakes, which became a sensation in the ’70s, ’80s and ’90s. Contrary to popular belief, Publishers Clearing House never worked with Ed McMahon, which was news to me. Apparently, he worked with their competitor American Family Publishers, which was around from 1977 to 1999. Publishers Clearing House did say that the “Prize Patrol” team will continue to deliver awards throughout the bankruptcy process, but that will require some creative financing, because their current liabilities have them underwater.

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