RIP: Redbox
Jul. 12th, 2024 09:17 am![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
thewayneRedbox is going away.
Formerly unbeknownst to me, its owner is the corp Chicken Soup For The Soul Entertainment. This has been in the news recently, and I've been following it. They've fallen massively behind in royalty payments to people like NBC, etc. and finally they filed Chapter 11 bankruptcy, i.e. reorganization.
It didn't go well.
The judge signed off on a petition by Chicken Soup's creditors to force them into Chapter 7 bankruptcy, liquidation.
So all of those kiosks at Walgreens and gas stations and etc. will be going away, not to mention a lot of jobs will be lost of those servicing those machines and stocking them.
While it's easy to say 'What's the market for DVD rental?', as a librarian I'll say that there's a very brisk trade in borrowing DVDs from libraries for free. LOTS of people don't have home internet connections for streaming, and rely on services like this for new content. It's kind of a shame to see it go away as it definitely fills a need in communities, but I guess they just couldn't keep it profitable.
The story is not obvious, though. Chicken Soup's CEO has been in the role for TWO WEEKS, and just resigned, 'for unrelated reasons'. Cue rats leaving sinking ship.
From the article: “There is no means to continue to pay employees, pay any bills, otherwise finance this case. It is hopelessly insolvent,” United States bankruptcy judge Thomas Horan determined during a hearing Wednesday, adding: “Given the fact that there may also be at least the possibility of misappropriation of funds that were held in trust for employees, there is more than ample reason why this case should be converted [from Chapter 11 to Chapter 7]. So I am going to grant the motion.” (edit mine)
The article goes on to describe them being unable to pay the fleet company they get their cars from, unable to pay the stores from whom they lease space for their kiosks, and the misappropriation bit about them continuing to withhold 401(k) and health insurance premiums from employee checks but not paying them to the appropriate funds.
So Redbox will be liquidated, and we'll see if some attorneys general start criminal investigations.
https://www.lowpass.cc/p/redbox-shutting-down
Formerly unbeknownst to me, its owner is the corp Chicken Soup For The Soul Entertainment. This has been in the news recently, and I've been following it. They've fallen massively behind in royalty payments to people like NBC, etc. and finally they filed Chapter 11 bankruptcy, i.e. reorganization.
It didn't go well.
The judge signed off on a petition by Chicken Soup's creditors to force them into Chapter 7 bankruptcy, liquidation.
So all of those kiosks at Walgreens and gas stations and etc. will be going away, not to mention a lot of jobs will be lost of those servicing those machines and stocking them.
While it's easy to say 'What's the market for DVD rental?', as a librarian I'll say that there's a very brisk trade in borrowing DVDs from libraries for free. LOTS of people don't have home internet connections for streaming, and rely on services like this for new content. It's kind of a shame to see it go away as it definitely fills a need in communities, but I guess they just couldn't keep it profitable.
The story is not obvious, though. Chicken Soup's CEO has been in the role for TWO WEEKS, and just resigned, 'for unrelated reasons'. Cue rats leaving sinking ship.
From the article: “There is no means to continue to pay employees, pay any bills, otherwise finance this case. It is hopelessly insolvent,” United States bankruptcy judge Thomas Horan determined during a hearing Wednesday, adding: “Given the fact that there may also be at least the possibility of misappropriation of funds that were held in trust for employees, there is more than ample reason why this case should be converted [from Chapter 11 to Chapter 7]. So I am going to grant the motion.” (edit mine)
The article goes on to describe them being unable to pay the fleet company they get their cars from, unable to pay the stores from whom they lease space for their kiosks, and the misappropriation bit about them continuing to withhold 401(k) and health insurance premiums from employee checks but not paying them to the appropriate funds.
So Redbox will be liquidated, and we'll see if some attorneys general start criminal investigations.
https://www.lowpass.cc/p/redbox-shutting-down
no subject
Date: 2024-07-12 11:28 pm (UTC)No, I agree (ranting at clouds!) that streaming is getting ridiculous. I cancelled everything except Netflix and Prime because we weren't watching anything consistently. We recently added back Disney/Hulu, which was planned as Dr. Who just completed its season and there were a couple of add'l things on Hulu that I wanted to watch (History of the World, Part 2 and Only Murders In This Building). I don't buy as many DVDs/sets as I used to because about the only decent source that I can peruse them is Barnes & Noble, and their prices are awfully high as a rule. So when there's something specific that I want, I can usually find a used copy online from sources other than Amazon.
no subject
Date: 2024-07-13 03:35 pm (UTC)I don't remember if I've recced Thriftbooks.com to you before? They sell used DVDs as well as books, and have free shipping (though it is very slow, in that 'media mail' way.) I've been hitting them up for my physical media fix, lately.
no subject
Date: 2024-07-13 04:32 pm (UTC)Half-priced books is a good source also. They have lots of stores that are networked and can ship from anywhere.
no subject
Date: 2024-07-13 04:46 pm (UTC)Yeah, I loved Half Price Books when I was in grad school. They don't have any stores around here, though, and the separate shipping charge for each item adds up fast. I don't know how Thriftbooks can offer free shipping, but that's often the deal maker for me.
no subject
Date: 2024-07-13 05:40 pm (UTC)Also check out ziarecords.com, they're a big used music/video chain in Arizona and Las Vegas. Excellent selection. They are a must stop for me when I'm in Phoenix, and I buy a lot from them online.
no subject
Date: 2024-07-13 05:53 pm (UTC)no subject
Date: 2024-07-13 06:02 pm (UTC)I hope you find them to your liking. If you ever find yourself in Phoenix or Tucson, or Henderson, Nevada, they're worth spending some time browsing.