A massive grocery store staple now closes in all 24k locations after its parent company filed an unexpected bankruptcy.
Shoppers are mourning the loss of an iconic grocery store staple that managed to outlast its rivals.
Movie rental company Redbox announced that all operations would be closing down after its parent company filed for bankruptcy.
Chicken Soup for the Soul Entertainment filed for Chapter 11 last month with reported debts of almost $1 billion.
CSSE then filed to liquidate in Delaware bankruptcy court on July 10 with over 1,000 employees set to be laid off.
As movie fans prepare for the removal of the 24,000 bright red rental machines in stores like Walmart and CVS, they took to social media to reminisce.
“Thanks for the memories. I will rent out movies on the weekend,” one gutted shopper wrote in the comments under a Facebook post about the mass closure.
“It’s kind of sad first blockbuster and now Redbox and I remember Hollywood video.”
“Dang. Well thank you for the entertainment u provided to the neighborhoods,” another said.
Upon hearing the news of the bankruptcy, many shoppers were shocked to learn that the company was still in operation.
“I was literally just wondering a few days ago about whether Redbox was still in operation and reminiscing on those days during its prime,” one shopper said.
The movie rental company launched in 2002 and largely outlasted its rivals other than the final Blockbuster location in Bend, Oregon.
“It was a game changer and it was a hell of a run..!” one Facebook user said.
Meanwhile, another said that the loss means that “the last of the rental era [is] gone.”
“As much as this was expected…..it’s still nonetheless heartbreaking,” one added.
In its prime, the movie rental company operated over 43,000 DVD rental machines with a peak revenue of $1.97 billion.
However, the increased use of on-demand streaming services vastly reduced its popularity.
Redbox’s streaming service which was introduced in 2017 will also be shut down as a result of the bankruptcy.
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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois
Other Economy News Today
An unexpected restaurant now abruptly closes 7 locations in one state after revealing plans to shutter a total of 36.
TGI Fridays is closing a total of seven restaurants in one state as part of the company’s ongoing growth strategy.
This comes after the chain abruptly closed 36 locations across 12 states in at the beginning of the year, per The-Sun.
The restaurant chain will pull the plug on seven locations across the state of New Jersey in the coming weeks.
Today, Fridays will welcome in famished diners at its location in Brick for the final time.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Weldon Spangler, CEO of TGI Fridays earlier this week.
“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”
Before the closures, TGI Fridays had about 270 US locations, according to the company’s website.
“As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees,” the company previously said in a statement.
“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, US president and chief operating officer, in the release.
Eight other locations were sold to former CEO Ray Blanchette, a longtime stakeholder who will acquire the previously corporate-owned restaurants.
The sale comes as major changes have been made to the brand’s leadership, including the news of Weldon Spangler being made CEO.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Spangler in a statement.
Also Read: Retirees Will Now Receive More Money For Social Security
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