Tragic end! From $5,000 a week for life to going broke — Man loses prize as Publishers Clearing House goes bankrupt

John Wyllie, a 61-year-old man from White City, Oregon, believed his life had turned a corner. In August 2012, Publishers Clearing House, a company that awards sweepstakes, showed up at his house to inform him that he had won the prize of $5,000 per week for the rest of his life.

This meant that Wyllie no longer had to work and could start living lavishly. However, he received a rude shock this year when the money flow stopped. On enquiring, it turned out that PCH had gone bust and filed for bankruptcy.

This meant, as per KGW8, that Wyllie had to sell some of his valuable items and start looking for a job again, something he had not done for more than a decade.

John Wyllie on verge of losing his home

“Why didn’t somebody give me a heads up? 'Hey, we’re going out of business'. It’s not a good way to treat anyone,” the Oregon resident told the publication.

“This feels like a nightmare,” he added. “I thought this was going to go on for the rest of my life, so I didn’t really have to worry about money.”

Now, Wyllie is trying hard to make ends meet, but without much success. “I sold my jet ski. Sold my trailer,” he explained. “I had a little bit of money left over, and that’s what I’m living on right now. Pretty sure I’m going to lose my home.”

Publishers Clearing House’s financial woes

PCH is a company known for surprising ordinary Americans by awarding them a lifetime supply of prize money. There are, as per WRAT 95.9, 10 other people who are entitled to receive such an award. However, all of them have discovered that their prize money checks are no longer being deposited.

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The company that has taken over the bankrupt organisation, ARB Interactive, has made it clear that they will not be facilitating the continuation of award money payments to the beneficiaries. This means Wyllie and the 10 other lucky winners will be left empty-handed.

PCH’s travails started when the company suffered a serious downturn following the COVID pandemic. It filed for bankruptcy this April after their annual revenue fell to $180 million, from a peak of $900 million, as per Moneywise and Yahoo Finance, in the pre-COVID era.

Those unfortunate enough to have come to rely on it for their livelihood will have to now find alternate ways to fund their lifestyle.

FAQs

What is Publishers Clearing House?

PCH is a company that specializes in promoting magazine sales. It is also famous for its sweepstakes in which large prize money is awarded to randomly chosen beneficiaries. The company filed for bankruptcy this year.

What went wrong with the company?

In the years following the COVID pandemic, PCH suffered serious revenue shortfalls due to the presence of competitors like Amazon and its revenue fell to $180 million from a high of $900 million.

How many people are affected by the sudden downfall of PCH?

As per media reports, at least 10 more people, apart from John Wyllie will stop receiving checks for their prize money. The company that has taken over PCH has firmly stated that it would not honor commitments made to past winners of its prize money.