Redbox’s owner files for bankruptcy after repeatedly missing payments and payroll
Redbox’s owner files for bankruptcy after repeatedly missing payments and payroll
It owes money to Universal, Sony, Lionsgate, Warner Bros., and more.
informed employees of the filing late Friday [...] that it had filed for a debtor-in-possession loan — a way for companies that are reorganizing after filing for bankruptcy to secure additional working capital to meet payroll. [...] employees have been waiting for paychecks since June 21st [...] it’s not certain that the company will be able to secure such a loan.
Chicken Soup took on $325 million in debt when it acquired Redbox in 2022 and has since been sued over a dozen times over unpaid bills.
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this is bad because a lot of rural and lower income places depend on redbox for entertainment
But it's good news for the Crash 'em Up Derbies!