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Redbox’s owner files for bankruptcy after repeatedly missing payments and payroll (www.theverge.com)

submitted 5 months ago by Bishma@discuss.tchncs.de to c/technology@lemmy.world

24 comments fedilink hide all child comments

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.

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[–] Glowstick@lemmy.world 12 points 5 months ago* (last edited 5 months ago) (1 children)

True, but not paying for maintenance sure does help the executive hit his quarterly numbers to receive a bonus

[–] brbposting@sh.itjust.works 3 points 5 months ago

Capitalism’s great!

Could’ve been triage - deferring maintenance to make payroll. Everything suffering as they try to stay alive. (random speculation 100%)