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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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[–] schizo@forum.uncomfortable.business 20 points 4 months ago (1 children)

I'd wager walmart is listed because they weren't paying their floor rent for all the redboxes they have at walmarts, not that they were buying DVDs there.

[–] partial_accumen@lemmy.world 5 points 4 months ago

Thats a very good point.