Randstad – Take the Money and Run

Happy Friday, Job Board Doctor friends!

This week, Chad and I are off to Greece to celebrate a big birthday for Talent Acquisition industry veteran, Bill Boorman. Please don’t miss the chance to wish Bill the happiest of all days.

On tap for this week:

• A correction
• Randstad withdraws over $5 million
• Who is getting paid?
• Job Board Doctor Survey

That seems like enough. Let’s do this.

First a Correction: Globalization Partners

Last week, I wrote about the late notification from Apollo Management Group and Randstad (Zen) on August 6, 2025, to terminate the contract and the employees supporting Monster UK and France.

This notification was actually for CareerBuilder UK and France employees – NOT Monster employees in those regions.

I always try to be thorough and accurate in my reporting to you. However, since I am still 100% human, I am sure this won’t be the only mistake I make.

What I can promise you is that whenever it happens, I will correct it in my posts and tell you when I fall short.

You can see my corrections here: CareerBuilder + Monster Bankruptcy Fallout Deepens | Job Board Doctor Survey Relaunches

Bankruptcy Final Numbers: Who is Getting Paid?

The biggest question — among many others — is who is getting paid. This week, we got further insight from an updated liquidation plan filed in the Delaware Bankruptcy Court.

In a corporate bankruptcy, companies and individuals owed money for the business’s failure are divided into classes. These classes are then given priority in terms of fund distribution after the sale or liquidation is completed.

On September 2, Apollo Management Group and Randstad (Zen) filed an amended combined plan to finalize liquidation and payment of remaining obligations.

Based on the $68.7M received in the sale, the pending division of assets should look something like this:

• Class 1–2: $800,000 guaranteed payment for taxes, etc.

• Class 3: Apollo and CareerBuilder – Loan balance: $135.4 million → estimated payment: $12.1M (8.9% of total due)

  • Outstanding Questions:

    • If CareerBuilder had $135.4M from a loan secured in 2023, where did that cash go?

    • Why was the business illiquid in the final months, so much so that Randstad “graciously” kicked in $20M to keep cash flow positive in the weeks leading up to the bankruptcy?

• Class 4: Randstad’s Secured Note (engineered “debt” to create equity in the joint venture) – Note value: $227.5M → Randstad to receive $21.5M

• Class 5: Everyone else Apollo and Randstad screwed over – $30.8M owed → estimated to receive $0–$3M, at most 9.7% of what is owed

Randstad Secured Note Payments

Based on my estimates, the interest rate for the Randstad secured note was ~10%. We can see Randstad was still taking these note payments right up until the bankruptcy filing.

Starting April 18, 2025, Randstad received more than $5.1M in secured note payments from Zen.

• Between April 18, 2025, and June 6, 2025 (18 days prior to the bankruptcy filing), Randstad NV (Netherlands) received 5 payments totaling $2,922,440.10.

• Between May 9, 2025, and June 11, 2025 (just 13 days prior to the bankruptcy filing), Randstad Pty LTD (Australia) received an additional $2,212,805.68.

Grand total: $5,135,245.78

Let’s not forget — Monster executives took out $5M in early distribution incentive payments.

What about everyone else?

• A few other prepetition transactions caught my attention and think they are worth sharing with you. 
  • CFO Bonus: $229,086.07 (Paid 02/28/2025)
  • BioGen (the BioPharma): $712,013.91 (Paid between 4/4/2025-5/16/25)
  • Carvana: $23,575.63 (Paid 3/28/2025)

• Unsecured creditors: no more than $0.097 on the dollar
• European employees: NOTHING

And the Winners Are: Randstad and Apollo

I know I’ve said this before, but I’ll say it again:

This joint venture between Apollo and Randstad was designed to do exactly what it has.

Big paydays, tax write-offs, and absolutely no leadership accountability for failure — with each organization and many of its leaders walking away with pockets fuller than before.

THE JOB BOARD DOCTOR ANNUAL RECRUITMENT SITE SURVEY IS BACK!

As I’ve settled into my role as the new Doc, I decided it was time to revive one of Jeff’s great traditions: the annual Job Board Doctor Survey.

This year, I’m thrilled to collaborate with the ever-loved Louises of Job Boards Connect to bring it back in full force.

The survey is now live! It should take just 15–20 minutes to complete.

Respondents will get an early preview of the results, and we’ll be sharing some of the data live at Job Boards Connect in London this October.

The final report will be published on JobBoardDoctor.com, and you’ll always be able to access our research archives — including past surveys — day or night.

If you own or operate a digital job advertising solution, I’d be honored if you took part in the New Doc’s first annual survey — and please, share it with your network too.

👉 Survey Link: https://www.surveymonkey.com/r/G6NZP97

Until Next Time,

Julie “The Doc” Sowash

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