REDBOX: Death of a (Once) Industry Darling

Konposit’s The Retail Dispatch reporting -

Redbox, the once-ubiquitous DVD rental kiosk company, has crashed and burned in spectacular fashion. Or maybe the better word is abandoned.

In June 2024, the company filed for bankruptcy - the entity was nearly $1 billion in debt and had $25,000 left in the bank.

Its parent company, Chicken Soup for the Soul Enterprises, was unable to scrape together the funds to remove the 27,000 kiosks from retail locations or pay its employees their owed wages and benefits.

The bankruptcy proceedings quickly devolved into a Chapter 7 liquidation, with the judge declaring the company "hopelessly insolvent." The abandoned kiosks, each containing around 600 DVDs, have become a treasure trove for looters, who are helping themselves to the discs. To make matters worse, the kiosks' hard drives contain sensitive personal information, which are now vulnerable to vandalism.

The full story here ->

https://tracydecicco.substack.com/p/redbox-death-of-a-once-industry-darling

#redbox #retailrelics #trd #konposit