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Redbox’s owner files for bankruptcy after repeatedly missing payments and payroll (www.theverge.com)

submitted 4 months ago by Bishma@discuss.tchncs.de to c/technology@lemmy.world

24 comments fedilink hide all child comments

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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[–] cupcakezealot@lemmy.blahaj.zone 14 points 4 months ago (1 children)

this is bad because a lot of rural and lower income places depend on redbox for entertainment

[–] RizzRustbolt@lemmy.world 4 points 4 months ago

But it's good news for the Crash 'em Up Derbies!