Connect with us

Hi, what are you looking for?

CrazyFlux.comCrazyFlux.com

Tech News

Redbox’s owner files for bankruptcy after repeatedly missing payments and payroll

Inside The 2015 E3 Electronic Entertainment Expo
A Redbox machine from 2015.

Redbox’s owner, Chicken Soup for the Soul Entertainment, filed for bankruptcy protection overnight. This comes at the tail end of a month in which the DVD rental company defaulted on loans, saw an order for its cars to be repossessed, and missed payroll for employees.

Chicken Soup for the Soul Entertainment informed employees of the filing late Friday, writing in an email seen by The Verge 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.

It’s a pressing matter for the company, as employees have been waiting for paychecks since June 21st. The company also promised to reinstate health insurance for his employees,…

Continue reading…

You May Also Like

Editor's Pick

Walter Olson In today’s Harrington v. Purdue Pharma, the Supreme Court confronted a recurring issue in the context of mass legal settlements: Should the courts...

Editor's Pick

In this edition of StockCharts TV‘s The Final Bar, Dave recaps Wednesday’s late-stage rally for the S&P 500. He analyzes the charts of FDX, TSLA, RIVN,...

Editor's Pick

In this video from StockCharts TV, Julius takes a look at rotation among growth/value and size segments, followed by a look at current sector...

Editor's Pick

Waiting for a perfect setup—technically or fundamentally—can sometimes be a perfect way to miss an opportunity. The disruptor is market sentiment, as it jumps...