Redbox Plans to Close a Large Chunk of Chicago HQ
Redbox is preparing to trim 92k SF of office space from its HQ in an Oakbrook Terrace office building. That's more than 40% of space and roughly enough room for about 600 employees. It's unclear whether any layoffs will be associated with the downsizing; however, a spokesperson for parent company Outerwall says it's part of a cost-saving strategy, reports the Washington Business Journal. Meanwhile, the company will be opening a new office in LA to be closer to studio partners. In 2014, Redbox accounted for more than 80% of Outerwall's total revenue, but showed a decline from 2013. Attempts to venture into Netflix-type streaming services failed last year, and in February the company shut down all its kiosks in Canada. The affected Oakbrook Terrace office space will be cleared out by July 2016. [WBJ]
