this post was submitted on 29 Jun 2024
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233
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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[–] punkcoder@lemmy.world 10 points 5 months ago

Found it… https://www1.salary.com/Galen-C-Smith-Salary-Bonus-Stock-Options-for-REDBOX-ENTERTAINMENT-INC.html