What will you do now, Ashens? Oh yeah, Wish.com.
Loot Crate, purveyors of fucking inflatable fucking crowns boxes of random nerd crap is filing for bankruptcy. In total, since last month, they’ve let go around a couple hundred workers, with several dozen getting their walking papers just recently. But don’t worry if you have a subscription; Loot Crate plans to ship all remaining boxes to customers as planned.
Per their press release, the company is filing for chapter 11 bankruptcy. That said, they plan on successfully selling the company during that time, so your fucking inflatable fucking crowns may still continue to come to you. Whille they do so, one of their parent companies, Money Chest, will grant a $10 million loan to keep things running in the meantime.
The company’s been in financial trouble for a while; last month saw them let go of around 150 warehouse workers. Another 50 were fired this week, leaving their remaining workforce at around 60 workers. And to make things worse, word has been floating around that they let all of these people g without severance or benefits.
In the press release, Co-founder and CEO Christopher Davis made the following statements:
We have worked diligently to overcome challenges with our capital structure, along with legacy issues the Company has been struggling with for the past 18 months. We are very pleased with our progress from an operational efficiency standpoint, however, the company still faces liquidity issues.
After careful review of a wide range of available options, management determined that a sale of the Company is in the best interests of all parties, including our valued Looters (customers) and employees.
During the sale process we will have the financial resources to purchase the goods and services necessary to fulfill our Looters’ needs and continue the high-quality service and support they have come to expect from the Loot Crate team.
Daily operations will continue as usual, unique and exciting fan items will be purchased, crates will be shipped, and all aspects of the business will go on as before the Chapter 11 filing. Our employees will continue to be paid as usual during this transaction.
This transaction represents good news for our employees, our customers, and our other constituents. It will provide Loot Crate with greater access to the financial resources necessary to continue to prosper and grow. By utilizing the Chapter 11 process, we are able to ensure an expedited and orderly transition.
That said, some customers have been less than thrilled with the service recent of late. Some have reported not getting their boxes for up to the last 3 months.
Not to mention lackluster or repeat contents.
Things also might get bad if you’ve subscribed to one of their series boxes, like the Fallout Series 2 box. Originally meant to run for 6 months with Fallout-only content, it may not ship the last box. And as each box was meant to contain part of a Liberty Prime figure, this means subscribers may forever wind up without the figure’s head.
Source: iO9
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