A huge rental enterprise that had 34,000 outlets for 22 years has finally closed its doors after declaring bankruptcy.
It was reported that Redbox, a movie rental firm, will be winding down operations, which made users sad.
The news follows a Chapter 11 bankruptcy filing by Chicken Soup for Soul Entertainment, the parent firm of the rental company.
The Connecticut-based firm asserted a $1 billion debt, as shown in court records accessed by the Washington Post.
Consequently, CVS and Walgreens, among others, will no longer carry Redbox, a popular grocery store staple.
After the loss, several fans vented their frustrations on social media.
“It was inevitable, unfortunately,” UltraVada commented on X (previously Twitter).
“It was bound to happen,” lamented another individual.
Even though I was expecting this to happen after hearing they filed for bankruptcy, hearing it is nonetheless devastating. “I miss Redbox so much; it was such a great time,” a third person said.
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“Since we occasionally see 4k/Bluray remasters of certain films, I still don’t believe this will be or ever be the end of physical media.”
The existence of the rental service had slipped someone’s mind, according to their confession.
The announcement did not surprise all users.
One commenter confessed, “Not surprised since nobody rents videos anymore with the rise of streaming and whatnot.”
“I also seem to recall getting into a feud with them on here.”
Additionally, a commenter brought up the fact that Bend, Oregon is home to the last remaining Blockbuster, which beat out Redbox.
Among Chicken Soup for Soul Entertainment’s (CSSE) most prominent video-on-demand streaming offerings, Redbox was bought by the firm in 2022.
At its peak, CSSE ran over 20,000 DVD rental kiosks nationwide.
The Wall Street Journal reports that over a thousand workers will be let off as a result of the company’s bankruptcy filing.
According to Deadline, some CSSE workers had their paychecks withheld and had their health coverage reduced in late June.
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