By Ted Gavin, CTP, NCPM, Managing Director & Founding Partner

It’s not every day that a bankruptcy filing feels like the punchline to a bad joke — but here we are.

Publishers Clearing House, the sweepstakes giant famous for surprise checks and balloons at your front door, has filed for Chapter 11. And the real twist? Some of the folks who thought they “won for life” might not see another dime.

Turns out, many prizewinners opted for annuity payments instead of the lump sum—and those annuities are now just another line on the creditor list.

There’s a serious lesson here, especially for industries that rely on long-term payout promises: if the underlying business model weakens, even a “guaranteed” prize isn’t guaranteed. And for consumers, it’s a reminder to always read the fine print.

This one’s about more than nostalgia and novelty checks. It raises questions about how we treat winners, structure obligations, and assess long-term risk in promotional-driven businesses. Could this have been prevented? What exposure do similar models carry? And, honestly, I was surprised to learn that Publisher’s Clearing House was even still a thing.