Redbox is the latest home video rental enterprise to go dark.
A little over a week after its parent company, Chicken Soup for the Soul Entertainment, filed for bankruptcy, the DVD kiosk-rental business — often seen at gas stations, convenience stores and in supermarket entrances — is shutting down.
Roughly 1,000 employees will reportedly lose their jobs without any severance or extended benefits, according to Variety.
Chicken Soup for the Soul — the Connecticut-based conglomerate known for its namesake series of self-help books, ad-supported streaming services (like Crackle) and pet food — acquired Redbox in 2022.
Redbox was reportedly $325 million in debt at the time of the acquisition.
The end of Redbox follows Netflix scrapping its groundbreaking DVD-by-mail service last year, and the downfall of the behemoth Blockbuster Video, which filed for bankruptcy in 2010.
China’s exports grow 8.6% in June
China’s exports beat forecasts in June, according to customs data, while imports grew less than expected.
Exports grew 8.6% from the same time last year to hit $307.8 billion, according to data released by Chinese customs Friday, beating estimates of about 7.4% to 8% growth. Imports however fell 2.3% from a year earlier to $208.8 billion.
China’s strong exports for June led to its trade surplus widening to $99 billion, up from $82.6 billion in May.
“Tariffs from the US and EU won’t significantly impact overall exports in the short run. They only target a small portion of Chinese exports,” Zichun Huang of Capital Economics wrote in a note, adding that the effects of tariffs can be dampened through “trade rerouting and exchange rate adjustments.”