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Penthouse magazine owner files for bankruptcy

(LATIMES) — Sometimes sex doesn’t sell.

The California company that owns Penthouse magazine and a host of online dating and adult websites filed for bankruptcy protection Tuesday.

The move by Penthouse owner FriendFinder Networks Inc. comes as many in the adult entertainment industry struggle because of an increase in free online options.

In a news release, the Sunnyvale company said bankruptcy was “the most efficient and cost effective way for the company … to continue to operate our business.