Redbox Files For Bankruptcy
Back in December, 2021 — Quotient (NYSE: QUOT) entered into a partnership with movie rental company Redbox (Nasdaq: RDBX) that expanded their media network, more recently Redbox signed up with Place Exchange to iopen up access to screens on all of their movie and gaming rental/purchase kiosks across the US but that is likely the end of Redbox having anything to do with DOOH as Chicken Soup for the Soul Entertainment, the parent company of Redbox, which is known for its distinctive red kiosks, filed for Chapter 11 bankruptcy protection late last week.
In the filing, Chicken Soup listed debts of about USD 970 million, and total assets of about USD 414 million.
Allegedly employees haven’t received paychecks for over a week, money is owed to major entities including Walmart, Walgreens, Universal, Sony, and Warner Bros and the company faces over a dozen lawsuits for unpaid bills.
On May 11, 2022, Chicken Soup for the Soul Entertainment announced its intention to acquire Redbox for USD 375 million. The acquisition was completed on August 11, 2022.
Categories: DailyDOOH Update
