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Redbox video kiosks to shutter nationwide. Here’s what’s left in NJ
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It appears streaming has killed the video star as Redbox prepares to shut down its 24,000 kiosks nationwide.
Redbox parent company Chicken Soup for the Soul Entertainment, which also owns the streaming service Crackle, had filed for bankruptcy on June 29 but reportedly changed from Chapter 11 to Chapter 7 on Wednesday and will liquidate all its assets, Deadline reported.
Chicken Soup, which purchased Redbox in 2022, will also be laying off its staff after failing to devise a repayment plan for its debts.
There are over 100 Redbox video rental kiosks in New Jersey, according to the company’s website.
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Redbox took the video rental market by storm when it began 22 years ago, but has lost ground to video streaming services over the years.
In 2018, the company launched Redbox On Demand online and also began Redbox Entertainment in 2019 to produce original content.
Redbox, which at one time rented movies for a $1 a day, was charging $2.25 per day for DVDs and Blu-Rays.
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