Clownfish TV: Audio Edition
RIP Redbox! Redbox SHUTS DOWN Leaving 1,000 Employees UNPAID!
Redbox is shutting down, and it’s come out in bankruptcy court that over 1,000 employees haven’t been paid in a month. Yers, Redbox was still a thing. This is because of the Chapter 7 filing of Chicken Soup for the Soul, which is somehow still a thing. ➡️ Tip Jar and Fan Support: http://ClownfishSupport.com ➡️ Official Merch Store: http://ShopClownfish.com ➡️ Official Website: http://ClownfishTV.com ➡️ Audio Edition: https://open.spotify.com/show/6qJc5C6OkQkaZnGCeuVOD1 Redbox has shut down, leaving 1,000 employees unpaid. 00:00 Redbox shuts down, leaving 1,000 employees unpaid, due to bankruptcy from competition with streaming services and overspending by Chicken Soup for the Soul. 02:31 Redbox shuts down, leaving 1,000 employees unpaid, marking the end of physical media. 05:19 Redbox shuts down, leaving 1,000 employees unpaid due to outdated movie releases and the impact of big corporations in endstage capitalism. 07:24 Redbox shuts down, leaving 1,000 employees unpaid, as funds meant for employee payment and health insurance benefits are investigated for misappropriation. 08:59 Redbox shutting down, 1,000 employees unpaid, bankruptcy, misuse of funds, significant losses, outstanding debt. 10:53 Redbox shut down, leaving employees unpaid, cutting costs and content spending, and losing health insurance. 12:01 Redbox shut down, leaving 1,000 employees unpaid. 14:10 Redbox is shutting down, leaving 1,000 employees unpaid. About Us: Clownfish TV is an independent, opinionated news and commentary channel that covers Entertainment and Tech from a consumer’s point of view. We talk about Gaming, Comics, Anime, TV, Movies, Animation and more. Hosted by Kneon and Geeky Sparkles. Disclaimer: This series is produced by Clownfish Studios and WebReef Media, and is part of ClownfishTV.com. Opinions expressed by our contributors do not necessarily reflect the views of our guests, affiliates, sponsors, or advertisers. ClownfishTV.com is an unofficial news source and has no connection to any company that we may cover. This channel and website and the content made available through this site are for educational, entertainment and informational purposes only. These so-called “fair uses” are permitted even if the use of the work would otherwise be infringing. #Redbox #Tech #Movies #News #Commentary #Reaction #Podcast #Comedy #Entertainment #Hollywood #PopCulture #Tech
Hey guys this is the audio edition of clownfish tv if you guys are unfamiliar with clownfish tv please check out the video versions of these episodes on the clownfish tv youtube channel and also on the clownfish gaming youtube channel please subscribe for more podcast check out dres that's our other podcast the episode will begin in a couple of seconds thanks for listening hey guys welcome back to clownfish tv this is neon i am here with geeky sparkles hello and we're gonna talk about red box they are going out of business it's over uh you know i think a lot of people are like wait they were still in business yeah i know right but there are still red boxes even around here i know the one grocery store has one i see them at dollar generals outside dollar general but they're not only going out of business uh apparently they're not paying their bills either there are a thousand employees fit that they're unemployed and they have been paid in a while oh that's not good so we're gonna we're gonna talk about the death of red box uh wouldn't it be wouldn't it be ironic if like blockbuster bot was uh left of red box for what to what end though just to stick it to them to do what they opened no one's renting the red box see the red box used to be a good thing when you couldn't get stuff on demand all the time and now that you get everything on voodoo or on demand or whatever and for what some of the stuff for what you pay for a red box rental people aren't running the red box you don't need to you but they were big when they didn't have streaming really had Netflix and that was it and Netflix started in the same kind of way yeah it's kind of weird because red red box is basically for the people that didn't want to mail their discs back right basically and you know it was cool at first but now that we have stuff on demand and everything it's not on dvd it's already been out on like voodoo in places and a lot of places you can just rent it there and it there's no point it really truly isn't a point for it i'm surprised it made this far so we're gonna talk about this because this is part of the bankruptcy following i guess for chicken chicken soup for the soul and they they bought up a whole bunch of streaming companies too they bought by remember crackle a few years ago and they were they were like a big deal but they went on a spending spray remember it was kind of like um candle media where they just went and started gobbling up a bunch of stuff and one of things they they bought with their box but candle media has like blackstone backing them so it wasn't because they did it on their own they had backers apparently chicken soup for the soul didn't and a chicken soup for the soul was like i wasn't that like a christian book series originally yeah so they didn't have the same backers as the other people that shocker they had all they had all kinds of chicken soup books i remember that was like a big thing for a while i was like chicken soup for the teenage souls chicken soup for the mom's soul chicken soup for grandma yeah split piece soup for the vegan soul you know it was it was very very weird yeah i look at the last ones real but okay i probably is you know probably maybe you said so probably maybe so let's let's talk about this before you get into it any further please subscribe for more pop culture news views and rants gosh yeah woohoo if you do woohoo i'm sorry i was looking at the first end call it dead box oh my god is that what he said call it dead box this is coming from variety call it dead box oh my god and another nail in the coffin of physical media red box is shutting down after more than two decades of god two decades of serving up deviant rentals from thousands of kiosks across the us uh they had 24 000 dvd rental kiosks and streaming services will be shut down after his parent company chicken soup for the soul entertainment can converted this chapter 11 bankruptcy to chapter 7 liquidation so there people don't understand chapter 11 doesn't mean you're going out of business chapter 11 means you basically put a pin in all of your debt you don't have to pay your a lot of your debt until you reorganize the company and you get yourself into a better place now more often than not chapter 11 does lead to chapter 7 but sometimes chapter 11 actually works out and no red lobster had to educate people on that they're like no no no we're not going out business we're just reorganizing the company and shutting down a bunch of red lobsters too but we're fine it's all fine here no more no more endless shrimp for you um but yeah they said with a move to liquidate all of its assets all chicken soup for the soul entertainment's employees are now unemployed will not receive severance or benefits as of late june the company said it had 1033 employees so here's more to get severance or anything did they get paid up to that point well that's well they didn't shit yeah so wow so now we're going over to a Hollywood reporter and they're like uh oh what would jesus do chicken soup for the soul they wouldn't pay their people he would pay his people chicken soul for the the unemployed bitter red box that stuff he would uh as red box collapses a thousand employees haven't been paid according to the judge chicken soup for the soul missed payroll last month allegedly due to the misuse of funds by his former chief executive officer former chicken executive get a golden parachute the budget money they all do this is what this is what irritates me about corporate america is they they come in they buy these companies they in some cases deliberately run them into the ground for like tax benefit whatever and then the people who do that you destroy entire ecosystems right they'll come in they'll just destroy a whole market a whole vertical whatever and and on top of the lives they're destroyed because they lost their jobs and then they get to you know jettison the the burning plane with you know millions and millions of dollars they never have to worry this is amazing man i took it he said they missed payroll last month yeah that there's a lot of people who that they need that that was their livelihood like how are they supposed to pay for their food that's overpriced now they're supposed to pay for my overpriced food red box laid me off but i'll also be like you're working for red box in 2024 like wow um i i i did it might have been there for years and years that's true maybe they were very loyal employees we don't have that well it really goes one way if you i'm gonna tell you that that's how this works at corporate america loyalty only goes one way if it were a family-owned business this is this one thing i mean i'm going on a side tangent here but i'm seeing a common denominator and all this shitty uh i guess you call it like end-stage capitalism behavior it's almost always you know some big corporation that comes in buys like a mom and pop business or an independently owned business they run it into the ground and we need more independently owned sustainable businesses especially in entertainment because everything is owned by the same like five companies right well you know i'm kind of wondering it says that that that lenders won't finance them anymore this kind of reminds me what we were seeing about Bezos where they were saying that basically what he does is he just keeps taking out loans and stuff and then he doesn't have to pay taxes yeah and i'm kind of wondering if that's what's going on what is buying more companies because you're like why would you buy all these companies up what if for what to one end and like besides the tax write-offs and you could like you know run them into the ground and say whoops he lost money there what other reason because they have why would they still be needing to take loans but who would be giving them loans well if they're using it to offset your taxes and stuff like they know they know this is a failing business model they're like yeah exactly who who even goes to red box who even uses red box in 2024 i mean a lot of movies they're quote-unquote new releases were already six months old at least the one at the grocery store here it's like oh my god what do you mean you know what do you mean this is a new release this is like like oh my god ant man the wasp quantum mania new to red box you know it's like what the hell uh yeah so delaware again it's always delaware it's always because you know the laws for companies are a little different a little different yeah delaware bankruptcy judge on wednesday said he had a point a trusty to probe whether money meant to pay employees were misappropriated chicken soup for the sole entertainment's bankruptcy which started as chapter 11 went to chapter 7 as lenders refused to continue to finance the company any longer amid accusations of mismanagement and bad faith conduct from former chief executive william ruhana who controls 80 of the company's shares and is alleged to have misused funds they have to keep getting alleged in there thousand people are about to lose their jobs said the judge and they're not even going to be paid for work that they did wow lawyers for the company said money deducted from workers paychecks meant to cover their health insurance benefits may have been directed elsewhere i find it sickening frankly me too said the judge who noted the allegations haven't been proven according to audio of the hearing an investigation of the company oh my god an investigation of the company led by a trustee will follow uh so the co denied the accusation uh they said yeah the business is going to be sold off including 24 000 dvd rental kiosks we should buy one and put in the office no just to have it nothing they have a streaming platform and this streaming platform i didn't even know that they probably didn't well i know that chicken soup bought like said they were going on a smang spree and they were buying a whole bunch of stuff and they bought crackle which used to be sony's uh because we did a video about that i remember doing the video so the liquidation marks a disastrous end to the purchase of red box in 2022 for which it incurred an estimated 360 million in debt i remember we covered it when they bought it we're like why why would you buy this why would you buy this uh is that well i could again tax reasons i don't know whatever happened it was you know it didn't work out very well uh surely before filing for bankruptcy controlling shareholder uh controlling shareholders ruhana fired all the company's directors and terminated group tasked with monetizing the business's assets allegedly to entrench his power oh my god according to its top lender hps investment partners when a company files for bankruptcy all of its assets are placed into an estate blah blah yeah so it is complicated and i do want to i do one point out chapter 11 is not chapter seven chapter seven is when we're done done chapter 11 is we're trying to reorganize the company in a good faith effort to become more solvent and then we'll take care of our debt well they're basically arguing that the financial wants management this is a guess the lender yeah the point of liquidation must take place to recruit creditors and pay employees who lost medical benefits last month and the company missed payroll wow and there is credible basis to hold mr ruhana personally liable for misuse of funds and misemployee wages so he he might go to jail if it turns out if it turns if it turns out it's morally allegations let me let me let me let me just put this way if it turns out it's provable right you know because i can tell you i'm done it we don't know but then if it's not provable he'll get away with it if he did it in 2023 chicken soup reportedly lost six hundred and thirty six million dollars nearly fifty three million losses in the first quarter of 2024 alone it's outstanding debt far exceeds the value of its current assets what a bunch of red box kiosks god there's no means to continue to pay the employees to pay any bills so the judge um what is this after acquiring red box the company is poised to see a big return on its investment do the return of theatrical titles it's like the flood gates have opened he said that's what he said last year huh yeah it's like yeah the flood gates above it i hear it's about executive bonuses oh oh wait go the bottom of course we got the company cut costs to for executive bonuses to tie them to expectations for free cash flow and license eight million of content as part of strategy to revitalize the business a plan to cut down on its content spending in 2023 targeting 19 million in content costs in 2023 and sell certain assets and i key to strategy so basically they already did differ bonuses to executives not they didn't say to him but to executives so they didn't get their bonuses either and then they you know they didn't get paid either and they're by lost their health insurance god so i'm saying here like this could this could go the way of uh be kind rewind right you guys remember that the jingles of the jack black move they should just make their instead of having to pay for that content they should just make their own content they just make their own shit and throw in the kiosk by what's left of red box and just make your own shit and make your own red box movies and put them in the kiosk that would be funny 24 000 copies of nobody would nobody would want to front them but yeah my kid playing baseball 24 000 copies of mums working you get that trending on tiktok and everybody would be into it so they want to be blockbuster back you get a bunch of these gen Z's and and they're all excited about like the old nostalgia stuff and then you get them on it and being like i want to rent these these weird obscure you know funny home video type movies and then they would it would blow up it would be huge just for like a year and then you'd have you have time to get out of it real fast so what was uh well i could tell you another route what was um european vacation what was the title of it like hot wife or something i don't remember but yeah i lost the vhs definitely d'Angelo they could do that they could turn oh my god they could turn red box into a porno red light red light yeah yeah put the kiosk in the back room got you got to wipe it down after every shit yeah i don't think i'm one of rent of videos that was rented after you know i just say it you know boring contents may be sticky oh oh my god why do you always go there anyway i don't know i don't know i mean usually i need you there but that's okay no i was just thinking back to like end stage video rental storage right and i remember back rooms the back rooms were a big deal um at least in the locally owned ones but no this is your 18 year lab to go to the back room you're like yeah damn and you know i mean i didn't even write anything you just wanted to say you could go back there oh like 70s porn with ugly people that's that's all there was it was disappointing i don't know i honestly really i just peaked one time i just looked at i'm like oh these people are gonna be like no i was in the back room once but i don't remember i was just like no i was just like i was just like more creeped out than anything it is it is kind of like the the back corner of Spencer gifts where it's like i really feel i really feel like i shouldn't be in this section i know but it's fun to see what stuff they're selling and you're just like wow anyway i think speaking of wow i think we kind of could wrap this up now yeah i think we could wrap this up a while ago there we go guys completely the end of the end of red box uh please subscribe for more pop culture news views and rants we'll talk later bye thanks again for listening more news and videos are available on our website at www.clownfishtv.com and on our youtube channel clownfish tv you can buy official merchandise 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