RIP Redbox. The DVD kiosk business will shut down and fire 1,000 people

Redbox, operator of the once-prominent red DVD rental boxes known for quick movie checkouts at grocery stores and pharmacies, has flatlined. The business' parent company, Chicken Soup for the Soul Entertainment, received court approval on Wednesday to change its bankruptcy filing from Chapter 11 to Chapter 7, with plans to liquidate its assets and lay off 1,000 employees.

One of its kiosks could earn about $50,000 annually in revenue after three years of operation, according to a 2009 L.A. Times report. In 2022, Oakbrook Terrace, Ill.-based Redbox was acquired by Chicken Soup for the Soul Entertainment in a $375-million all-stock deal. At the time, Redbox had 38,000 kiosks in the U.S. Chicken Soup for the Soul Entertainment is a subsidiary of the Cos Cob, Conn.-based publisher known for the uplifting book series of the same name, as well as a line of pet food.

المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين

Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.

Company behind Redbox DVD kiosks declares bankruptcyChicken Soup for the Soul Entertainment, the parent of Redbox DVD rental kiosks, filed for bankruptcy Friday. It has nearly $1 billion in debt owed to over 500 creditors.
مصدر: WashTimes - 🏆 235. / 63 اقرأ أكثر »

Redbox set to close as DVD market withers in streaming's shadowDavis Giangiulio is an intern with NBC News' business and economy unit.
مصدر: NBCNewsHealth - 🏆 707. / 51 اقرأ أكثر »