Cash-Strapped Loot Crate Files for Chapter 11 Bankruptcy
Company agrees to a sale and reorganization.
Loot Crate is out of loot. The popular subscription box service, who sells subscription boxes to gamers, nerds and pop culture fans, has agreed to be acquired by Loot Crate Acquisition LLC. Loot Crate will voluntarily file for chapter 11 bankruptcy in Wilmington, Delaware this week. The sale and subsequent reorganization will go through bankruptcy court. Bankruptcy code requires that other companies be allowed to submit competing bids for the company’s assets. Loot Crate hopes for the sale to be completed in 45 days.
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