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

submitted 3 months ago by jordanlund@lemmy.world to c/business@lemmy.world

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cross-posted from: https://discuss.tchncs.de/post/18127978

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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[–] Stern@lemmy.world 4 points 3 months ago (1 children)

Noticed the redboxes at my grocer have, "Closed as of May 20" signs on them, which tends not to bode well.

[–] jordanlund@lemmy.world 1 points 3 months ago (1 children)

Yeah, May 20th was 40 days ago...

[–] Stern@lemmy.world 2 points 3 months ago

That's correct. You're very smart! Way to go!