Porn magazine Penthouse has filed for Chapter 11 bankruptcy following a continued plummet in popularity.
The once-popular publication has suffered from the recent porn boom, forcing them to file for bankruptcy last week (ends15AUG03).
Penthouse publisher BOB GUCCIONE says, "Today there are triple-X videos, adult channels,and pay-per-view films; there are strip clubs, phone sex, and most of all, internet sites that have no restrictions.
"Attractive women are flooding the porn market in a way that surprises even me."21/08/2003 02:19