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.
Sad to see this for two reasons:
Physical discs and the rental model have always been a fallback against oppressive streaming licensing, and with so few video rental stores left it Redbox was the last one standing.
It sounds like they missed payroll for their workers. No worker deserves to have their finances thrown into chaos because an employer can't manage their books.
You can buy discs online.
Literally said "and rental" and was talking about rentals. Buying discs online isn't much of a competition with streaming. Rentals are much more appealing for most media consumption as compared to purchases which are typically reserved for specific titles (often which were initially rented) where repeat viewing is intended. I liked physical rentals for quality and reliability. Certainly won't switch to purchasing though now that redbox is going under.
Buying is at least enough that we should still get bluray pirate releases