(WDNews) – The DVD kiosk-rental business, Redbox, is coming to an end as its parent company converts its bankruptcy to Chapter 7 liquidation. Struggling with nearly $1 billion in debt and owing millions to various entertainment companies, the company couldn’t sustain its operations.
As a result, all 1,000 employees will lose their jobs without any severance or extended benefits, according to Variety. This marks a significant shift in the home entertainment landscape, ending the era of convenient DVD rentals at local kiosks.
