Loot Crate, a nerd-centric subscription service that sends customers a box of junk every month, filed for chapter 11 bankruptcy.
Loot Crate Inc. has filed for Chapter 11 bankruptcy protection, with a company “affiliated with an investment group that includes one of the largest and best-run collectible manufacturers and distributors in the world” providing Debtor-in-Possession financing and acting as a stalking horse bidder, according to court documents provided by Wall Street Journal.
I’m a former Loot Crate customer
I canceled my subscription after I realized the stuff they were sending me wasn’t worth the cost of my subscription. That’s an understatement. It’s something I should have realized a lot sooner. Every month I received a box of stuff, most of it I would have not purchased if left to my own devices. I do feel somewhat sorry for the people who just paid for a yearly subscription. Chances are, they will not get a refund or see anything coming their way to make up for the loss. Once Loot Crate declared bankruptcy, members will have to get in line with all the other entities the company owes money to.
Some companies deserve to go out of business. Loot Crate is one of them.