Hardware
Redbox closes all kiosks, fires 1,000 employees
July 12, 2024
Redbox, a 22-year-old DVD kiosk rental business, is officially shutting down after its parent company, Chicken Soup for the Soul Entertainment, converted its previously filed bankruptcy to Chapter 7 liquidation, according to a WNKY 40 report.
Chicken Soup for the Soul Entertainment was nearly $1 billion in debt and owes additional millions of dollars to several other entertainment companies. As part of the liquidation, the news outlet reported that the company's 1,000 employees are losing their jobs with no severance or extended benefits.
In addition to the abrupt job loss, Chicken Soup for the Soul Entertainment reportedly failed to pay employees and vendors for at least four weeks prior to its Chapter 11 filing last month, according to the news report.
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