A large grocery store chain has abruptly filed for bankruptcy, forcing it to close all 24k of its outlets. Consumers are in sorrow over the passing of a beloved grocery store mainstay that outlasted its competitors.
The parent business of Redbox, a movie rental firm, filed for bankruptcy, and the company announced that it would be closing.
With over $1 billion in debt, Chicken Soup for the Soul Entertainment filed for Chapter 11 last month.
Then, on July 10, CSSE filed for bankruptcy in Delaware, preparing to fire more than 1,000 workers.
Image – The US Sun
Movie buffs reminisced on social media as they were ready for the 24,000 bright red rental machines to be removed from retailers like Walmart and CVS.
“I appreciate the memories. One distraught customer commented, “I will rent out movies on the weekend,” under a Facebook post on the store’s mass closing.
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“First blockbuster is kind of sad, and now Redbox and I remember Hollywood video.”
“Oh no. Another person responded, “Well, thank you for the entertainment you provided for the neighborhoods.”
When they heard of the bankruptcy, many customers were surprised to see that the business was still open for business.
One customer commented, “I was just wondering a few days ago whether Redbox was still in operation and nostalgic about those days during its prime.”
Launched in 2002, the movie rental business has endured longer than its competitors—except for the last Blockbuster outlet in Bend, Oregon.
A Facebook user exclaimed, “It was a hell of a run and a game changer.”
One commenter stated that “the last of the rental era [is] gone” in light of the loss.
“Even though this was to be expected, it’s still devastating,” another person said.
With a peak income of $1.97 billion, the movie rental corporation ran approximately 43,000 DVD rental machines in its heyday.
However, its popularity was greatly diminished by the growing use of on-demand streaming services.
The 2017 launch of Redbox’s streaming service will also end due to the company’s insolvency.
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