Redbox Lays Off 10% Of Workforce, Considers “A Number” Of Ways To Slash Costs, Citing Pandemic’s Toll
deadline.comRedbox, which went public via a SPAC last year, said it will lay off 150 employees, about 10% of its workforce. In an SEC filing, the company said “a number of potential strategic alternatives with respect to the company’s corporate or capital structure.”The “ongoing adverse effects” of Covid are to blame for the measures, according to the filing.Originally known for its nationwide network of bright red kiosks, which still operate inside thousands of retail locations like grocery and convenience stores, the 20-year-old Redbox has expanded significantly.
Drawing on resources produced by the 2021 merger with Seaport Global and subsequent IPO, it has ramped up its recently launched streaming operation.
It also added a production and acquisition arm, Redbox Entertainment, which has looked to pump out dozens of films, primarily genre titles.
Last October, it set a distribution deal with Lionsgate.The layoffs took effect on March 29, according to multiple new SEC documents.
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