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Redbox Cuts 150 Jobs Citing Pandemic Impact

Bostonhello

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Redbox Cuts 150 Jobs Citing Pandemic Impact​

The cost-cutting measure aims to reduce annual operating costs at the DVD rental company by around $13 million "in response to the ongoing adverse effects of the COVID-19 pandemic."

BY ETAN VLESSING
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APRIL 1, 2022 2:42PM

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Digital movie rental player Redbox Entertainment has cut 150 jobs to reduce operating costs amid the pandemic.

On Friday, Redbox disclosed in a Securities and Exchange Commission filing that the workforce reduction, completed on March 29, came “in response to the ongoing adverse effects of the COVID-19 pandemic.” The company said the cost-cutting measure would reduce annual operating costs by around $13.1 million.



To do so, Redbox estimated one-time restructuring charges of around $3.8 million, most of which will be related to severance payments. Redbox in the SEC filing added that it filed an April 1 notification with regulators indicating it has been unable to file its annual report for the year ended Dec. 31, 2021 on time “without unreasonable effort or expense.”

Redbox, traditionally known for its DVD-rental kiosks inside grocery and convenience stores, also offer digital rentals of Hollywood on-demand movie titles. That allows customers to choose between renting or purchasing Redbox titles via a download for offline viewing.

But the pandemic has disrupted the Redbox business model, and much else in the movie exhibition sector. Headquartered outside of Chicago, Redbox has offices in Los Angeles and Seattle.

Stock in Redbox Entertainment closed on Friday at $2.31, down 5 cents, or just over 2 percent. That’s well down from a 52-week high of $17.90 reached on Nov. 1, 2021.
 

Tammyblue

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RedBox killed blockbuster
Netflix killed Redbox
All theses streaming companies killing Netflix
Circle of life :ROFLMAO:.

Surprised Redbox still trying to hold on, instead of closing down like blockbuster:unsure:.
 

Bostonhello

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RedBox killed blockbuster
Netflix killed Redbox
All theses streaming companies killing Netflix
Circle of life :ROFLMAO:.

Surprised Redbox still trying to hold on, instead of closing down like blockbuster:unsure:.
Warner Bros. Discovery's plans to merge streaming services HBO Max and Discovery Plus in the U.S. is likely to be adopted overseas,
 
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I forgot DVDs were still a thing beyond acting as secondhand drink coasters. Must be a front in the drug trade these days
 

Haitian1

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There's a red box in almost every shopping center in Florida so that there is a billion in revenue right there lol.
 

You

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There's a red box in almost every shopping center in Florida so that there is a billion in revenue right there lol.


I was about to say that there is probably a market for DVD rentals with old people (and low-income people) so I could see them making a killing in FL
 

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Ppl who still use redbox in 2022 got rent a center futons in their crib aa living room furniture and only shower 2x a week
 

Haitian1

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I was about to say that there is probably a market for DVD rentals with old people (and low-income people) so I could see them making a killing in FL
I wasn't even thinking about that lol I was going by pure numbers alone cause here in Florida there's at least four shopping centers/plazas on each block lol
 

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I didn't even know Redbox was still with us.
You still see this at major grocery stores and in Walmart. I was wondering who still get these tho . Back in the day you will see folks lining up to get items from these machines but now I hardly have seen anyone at one .
 

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