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

submitted 2 months ago by Bishma@discuss.tchncs.de to c/technology@lemmy.world

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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 2 months ago

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 2 months ago

Thats a very good point.

this post was submitted on 29 Jun 2024

234 points (98.8% liked)

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