A handful of grown men across the globe were said to be weeping as news emerged that General Media, publisher of legendary men's magazine Penthouse, had filed for Chapter 11 bankruptcy protection.
Despite the headlines, it was not really surprising. While the magazine never fell short of assets to flash across its glossy pages, its finances had been steadily dwindling for several years.
In its bankruptcy filing with the SEC, General Media revealed that all was not well under the covers, with debts reaching $85m (£53m). This would not have surprised Grant Thornton, which resigned as the company's auditor in April.
Even the editors of the UK edition appear to have lost their marbles. The August issue apparently leads with the story: 'Will the Tories ever rule again?' Now that's certain to get smut-hungry readers reaching for the top shelf!
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