Entertainment, which operates a national network of DVD-rental kiosks and a streaming-video business, said it laid off 150 employees, roughly 10% of its total headcount.with the SEC, said it was cutting jobs because of “the ongoing adverse effects of the COVID-19 pandemic” on its operations. As of the end of 2020, Redbox reported having 1,467 employees.
The company estimated that the layoffs will reduce its annual operating costs by $13.1 million, and that it will incur one-time restructuring charges of approximately $3.8 million, mostly related to severance payments.
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