Redbox, the video-rental and streaming company, known for its red kisosks– is shutting down.
According to Variety, Redbox’s parent company, Chicken Soup for the Soul Entertainment, changed its Chapter 11 bankruptcy case to Chapter 7 liquidation. As a result, Rebdox will shut down all its DVD rental kiosks and streaming services.
What that means, reports Pennlive.com, is that the company couldn’t figure out a plan to pay off its outstanding debts and will need to sell off its assets in order to pay creditors.
Redbox’s network of 24,000 DVD rental kiosks and its streaming services will be shut down, according to Variety. With the move to liquidate its assets, all of Chicken Soup for the Soul Entertainment’s employees are now unemployed and will not receive severance or extended benefits.
