JULY 13, 2024 — COMPANY GONE WITH 1,000+ LAID OFF EMPLOYEES
The company has shut down its direct-to-consumer streaming service and laid off 1,000+ employees as its parent company, Chicken Soup for the Soul Entertainment, converted its Chapter 11 Bankruptcy (Reorganization) to Chapter 7 liquidation of assets.
MAY 12, 2022 — REDBOX ACQUIRED: RED FLAGS FLYING FOR DUPLICATIVE SERVICES EMPLOYEES
Cos Cob, Connecticut-based Chicken Soup for the Soul Entertainment, an advertising-supported video-on-demand streaming service, announced that it will acquire Redbox for $375 million, comprised of $50 million in Chicken Soup stock and the assumption of $325 million in Redbox’s debt.
Redbox’s majority owner, Apollo Global Management which acquired the company in 2016, will own approximately 15% of Chicken Soup after the transaction is completed.
APRIL 15, 2022 — Original post…
Oakbrook Terrace, Illinois-based Redbox Automated Retail, a video rental company specializing in DVD, Blu-ray, and 4K UHD rentals via automated retail kiosks, has announced that it is executing a cost containment initiative.
The initiative resulted in the termination of 150 employees.
According to a company statement, the company is “actively taking steps to decrease monthly costs, delay capital expenditures and increase revenues as it continues “exploring a number of potential strategic alternatives with respect to the company’s corporate or capital structure and seeking financing to fund operations and one-time restructuring costs.” The situation is being attributed to the “ongoing adverse effects of Covid."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?