Publishers Clearing House, known for its surprise home visits and oversized prize checks, has filed for bankruptcy, ending decades of “forever” payouts to past winners.
The sweepstakes company, which operated for nearly 60 years, sold its assets to mobile gaming firm ARB Interactive for $7.1 million. Under the agreement, however, the buyer will not honor lifetime payments owed to winners before July 15.
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For many, the news came without warning. Some winners reported they only learned of the bankruptcy when their checks stopped arriving.
Publishers Clearing House became a pop culture fixture with TV ads showing winners stunned on their doorsteps as camera crews captured the moment they received checks promising cash for life. The bankruptcy marks the end of a unique chapter in American sweepstakes history.
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