File this one in the “Uh oh” category. Redbox has submitted an SEC filing that reveals that the company will be vacating nearly 100,000 square feet of office space in its longtime headquarters in Oakbrook Terrace, Illinois.
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This news comes not too long after Redbox announced the closure of its entire Canadian operation, which the company said was underperforming.
Redbox says it will be out of the affected space in Oakbrook Terrace by the middle of next year, and will be opening a new office in the Woodland Hills area of L.
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A.
When asked if there would be layoffs associated with the office space downsizing, a spokeswoman for Redbox parent Outerwall declined to answer, but stated that the move was part of the company’s “ongoing cost-savings initiatives and the shift of additional functions to our Los Angeles office to be closer to our studio partners.”
Is the writing on the wall starting to become a bit clearer for Redbox, or is this just a good business move to relocate some office space to a location closer to Hollywood?
[via Chicago Business Journal]
In English…..They will let go a good 5,000 people +.
They are doing everything the can Just like block Buster did..
(Closing Stores). The Box closed all it’s Canadian Box’s.
They are doing the Block Buster Number.. Step by step..
And we all know what happend to BB.
RedBox is losing Money and fast. The ship is sinking. And they are dumping all they can to keep is from going down.
What is net for RedBox?
LOL. they don’t even employee 5000 people. Nice facts
In 2011 they had 1600 employees. They don’t have 5000+ employees
OK My bad…… I mean 500 But all over the USA… They have over 5,000 people.. I mean all of the people that work for them.. All over…
Wrong again, Danodumbass, the king of made up facts.
How many people does Outerwall employ?
As of December 31, 2014, we had approximately 2,760 employees, including approximately 1,900 field service employees throughout the U.S. and internationally.
Directly from the article
That means the business is getting ready to shed more than 40 percent of its headquarters space, which industry standard estimates say is enough room for about 600 employees.
P.S. I’m talking the Complete Co. Not just the people there.
This is just the next move. Block Buster did the same.
Just another sign of the times, streaming will dominate the movie rental industry in a few years, and just like with BlockBuster, little by little, day by day, no turning around a business in decline.
Redbox signed it’s own death warrant when it raised prices to $1.50
Take it from someone who used to work there higher in the ranks, this has been coming for a while. They have a plan for this and it is going into action.
I closed my RedBox account today. Over many months, I spent more time than I care to admit building the RedBox Wishlist. Today I discovered they deleted my Wishlist. To try and recover the list, I tried their Chat service. That was another waste of time. I tried to close my account through the web site. Not possible.
So I called customer service. Someone who could barely speak English had no clue as to why I wanted to close my account. I told her my Wishlist was gone. She asked if I could tell her more about the movie called “Wishlist”. What a joke. I was finally able to make her understand why I closed the account.
Wow everyone really needs to learn to read… the SEC filing stated they are opting out of their lease for unused portions of their corporate building. They aren’t closing anything, merely giving up empty space so they aren’t spending money for areas of the building they aren’t using.
As an investor in Outerwall – it irks me that this story was delivered like this. It seems fact checking doesn’t happen anymore.
I wish I had posted this 1ST.
Redbox made $107M in Net Income 2014, down from $175M 2013. The Yahoo OUTR income statement does not explain the reason. However, Dec 2014 quarterly profit was way up.
One major factor holding Redbox back is the “28 day delay” period. If customers didn’t have to wait 28 days to rent a video, Redbox would have much higher rentals. I had to wait SIX MONTHS to rent Lucy. Lucy was released in the theaters on July 25, 2014. Lucy did not arrive in Redbox until February 17, 2015. It used to be a movie would arrive in Redbox after only 3 months. Those days are over.
IMHO, movie studios want viewers to BUY rather than rent. Studios make much more if a movie is sold rather than rented. Even if you rented new releases from Amazon (streaming), the starting rental price is usually $5 or even more. I will not pay $5-8 to rent a movie so I wait until it’s on Redbox. I rent sporadically, because I have other things to do so using Netflix is not an option.
So many experts, yet so few fact checkers. Redbox is here for the long run. Physical media is hard to come by, and they are the best suppliers. Physical media will be in demand for a very long time. This move to Los Angeles is a long time coming.
Once again the “28 day delay” is rearing its ugly head. American Sniper is going to be released on May 19 on DVD/Blu-Ray. Amazon ASIN: B00RGZ94SG and B00RGZ915C. However, we don’t even see an availability date for American Sniper on Redbox’s “Coming Soon” page.
That’s because, I believe, the studios won’t allow Redbox to release American Sniper until a month later. You won’t see a June 16 availability date for American Sniper until May 19.
IMHO, the studios want to maximize profit so we cannot rent American Sniper until June 16 using Redbox. BTW, you can probably rent American Sniper from the smaller independent shops on or maybe even a couple days BEFORE May 19. The smaller independent shops don’t have this requirement with the studios. Because Netflix and Redbox have this requirement with the studios, I think the advantage has returned to the smaller independent shops. Blockbuster also had this requirement. Maybe that’s why they went out of business.