April 09--Redbox Automated Retail plans to dramatically pare its Oak Brook Terrace headquarters space as it looks to cut costs and move more of its operations to Los Angeles.
Redbox will give up more than 92,000 square feet of office space by July 2016, according to documents filed Monday with the Securities and Exchange Commission by Outerwall, Redbox's parent. In the filing, the company said the decision was part of its "ongoing cost-savings initiatives and the shift of additional functions to our Los Angeles, Calif., office to be closer to our studio partners."
Redbox's offices occupy more than 211,000 square feet in Oakbrook Terrace Tower under a lease set to expire in July 2021.
At the end of 2014, Redbox had about 2,760 employees, compared with 2,900 employees at the end of 2013, according to its annual reports.
Last month, Redbox completed the shutdown of its Canadian operations, a decision that was announced in February as Outerwall, which also operates Coinstar, reported a 39 percent decline in net income for 2014.
A spokeswoman for Redbox said the "majority" of corporate employees will continue to work at the Oakbrook Terrace headquarters but she declined to specify the number of employees there or how many jobs have been relocated to Los Angeles.
At the end of 2014, Redbox operated 43,680 movie and video game kiosks in 36,140 locations.
mepodmolik@tribpub.com
