Redbox shuts downbound after its parent consort files for insolvency – Journal Global Internet

The insolvency also effectuation that the company’s more than 1,000 employees module be ordered off, the Wall Street Journal reported, amid another media reports that workers didn’t obtain their paychecks and had scrutiny benefits revilement in New June. HPS Investment Partners, a pledgee for CSSE, questionable in suite filings that the consort was existence grossly mismanaged.

Redbox was acquired by Chicken Soup for the Soul Entertainment in 2022 and became digit of the company’s flagship video-on-demand moving services. CSSE also operated its more than 20,000 DVD-rental kiosks crossways the country, according to suite filings, as substantially as the recording recreation meshwork Crackle and a Chicken Soup for the Soul moving platform, among another TV and flick ventures. CSSE is a supplementary of Chicken Soup for the Soul LLC, house of the motivational aggregation program and a pet matter brand.

The once-ubiquitous movie-rental service’s modify is reminiscent of Blockbuster, the property accumulation concern that filed for insolvency endorsement in 2010 and winking nearly every of its 9,000 stores as a result. Only one Blockbuster positioning remains, in Bend, Ore. CSSE and Redbox representatives didn’t directly move to requests for comment.

Netflix, before exploding in popularity as a moving service, also started discover in the DVD-rental game, transmitting TV exhibit and flick rentals in flushed envelopes to subscribers for 25 eld before stopping the service terminal year.

Redbox’s website no individual shows its kiosk flick offerings — or its kiosk locations — but the consort did yield consumers with a brief message, posted on X a some life after the initial insolvency filing: “love you guys.”