General Media, the publisher of Penthouse magazine, has filed for bankruptcy almost 40 years after it was launched in London as a raunchy competitor to Playboy.
Penthouse magazine, which describes itself as the world leader in erotic entertainment, has been in financial trouble for some years.
The company's auditor quit in May in a dispute over its financial statements.
And the US financial watchdog has launched an inquiry into its 2002 finances.
The financial pressure has led the firm to fall behind with its publishing schedule and the August copy of Penthouse magazine has still not hit the top shelves.
The magazine's owner has previously blamed the rapid spread of internet porn and of porn movies for a dramatic decline in circulation.
The firm said it has filed for Chapter 11 bankruptcy protection so it can restructure its operations without being pursued by its creditors.
In the filing, General Media said it had between $50m and $100m in both assets and debts, but gave few other details.
General Media is a subsidiary of Penthouse International which has not filed for bankruptcy.