Redbox’s owner files for bankruptcy after repeatedly missing payments and payroll
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Redbox’s owner files for bankruptcy after repeatedly missing payments and payroll
https://www.theverge.com/2024/6/29/24188785/redbox-bankruptcy-filing-dvds-chicken-soup-soul-entertainment
It owes money to Universal, Sony, Lionsgate, Warner Bros., and more.
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.