But now the company is in bankruptcy, and winners’ dreams have turned into nightmares.
Some winners, who thought they’d never have to work again, are now finding themselves uncertain of how they’ll pay their bills.
Today, Publishers Clearing House and its prize money seem quaint in comparison to jackpots of more than $1 billion from Powerball and Mega Millions.
And unlike state lotteries, Publishers Clearing House allowed people to win without buying tickets or even the magazine subscriptions it was hawking.
But Publishers Clearing House’s annual revenue has dropped dramatically in recent decades, falling from $854 million in 2017 to $182 million in 2023.
Assets totaled only between $1 million and $10 million, leaving it with little chance of paying its past winners.
In fact, its filing lists 10 prize winners among the 20 largest unsecured creditors, although the names and addresses of those winners are redacted. »