News Formal

Redbox DVD kiosk-rental business shuts down after parent company files for bankruptcy

  • 📰 ABC7
  • ⏱ Reading Time:
  • 31 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 68%

Redbox Shuts Down DVD Kiosk-Rental Business After Nyheter

15051835

Redbox is no more. Its parent company has converted its bankruptcy filing to Chapter 7 liquidation.

Redbox has shut down its DVD kiosk-rental business after its parent company Chicken Soup for the Soul Entertainment filed for liquidation bankruptcy.The number of Redbox kiosks had grown to about 34,000 across the US, largely located at grocery and drug stores. Since its 2002 launch, Redbox had rented its 1 billion discs at prices cheaper than cable, according to its website.

Variety reported the company's 1,000 employees are losing their jobs without any severance or extended benefits. The parent company of the distinctive, red-colored kiosks at grocery stores, filed for bankruptcy after enduring months of financial struggle. Filings show that the company took on about $325 million in debt following its purchase of Redbox in 2022 from private equity giant Apollo Global Management. The plan was to make it into an entertainment conglomerate, combining the DVD rental business with its free streaming services, like Crackle, the entertainment platform once owned by Sony.

 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.
Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 67. in SE

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

Redbox shuts down DVD kiosk-rental business: reportsRedbox is no more. Its parent company has converted its bankruptcy filing to Chapter 7 liquidation.
Källa: ABC7Chicago - 🏆 284. / 63 Läs mer »

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

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.
Källa: WashTimes - 🏆 235. / 63 Läs mer »