Say Goodbye to Redbox

Redbox, known for its DVD rental kiosks, is shutting down as its parent company, Chicken Soup for the Soul Entertainment, filed for Chapter 7 bankruptcy. This decision comes after initially attempting to raise funds by selling assets but ultimately choosing to liquidate the business. The closure will result in the loss of all 1,000 Redbox employees and the shutdown of 24,000 kiosks. The company faced financial challenges, with payroll obligations surpassing earnings. Redbox, which stopped renting video games in 2019 to focus on movie rentals and streaming, struggled to compete with the rise of streaming services. The bankruptcy proceedings revealed difficulties in meeting financial obligations, leading to the decision to cease operations. Customers who relied on Redbox for physical media rentals will now need to find alternative sources as the company exits the market.