San Francisco(CNN Business) Johnson Publishing, the company formerly behind magazines such as Ebony and Jet, has filed for bankruptcy.

The petition was filed Tuesday afternoon in US Bankruptcy Court in Chicago.

Johnson Publishing Company currently consists of an extensive archive of about 4 million images and 10,000 video assets from its former magazines and a cosmetics business, Fashion Fair Cosmetics.

The company's founder, Johnson H. Johnson, died in 2005. Johnson Publishing Company previously described itself as the world's largest African-American-owned and -operated publishing company.

In 2016, it sold Ebony and Jet, its two hallmark magazines and stalwarts within the black community, to Clear View Group. Jet magazine stopped publishing a print edition in June 2014, opting to release only a digital version.