Anyone a member of LootCrate?

[Baroquen]

I like that you can buy past boxes.

[hepcat]

Every month, they send me an Indie computer game. The idea is to Bring Back The Box.

I spent years waiting for it to go away, though!

[Octavious]

Deedpool and the Walking Dead this month. Couldn't resist and resubbed for this month. I'll cancel in again afterwards. Have to sub by tomorrow to get in on it.

[YellowKing]

Yeah, I kept the subscription just for The Walking Dead stuff. I'm not a big Deadpool fan, but it could be worse.

I'll probably cancel after that. I really wish LootCrate would do a Horror box. $30 for the NerdBlock horror subscription is just a little too steep for me, but that's really the only kind of geek swag I could see wanting every single month.

[Isgrimnur]

Arise ye thread!

Gizmodo

The company is filing for bankruptcy and has laid off dozens of employees, on top of the 150 warehouse workers who were let go last month. Loot Crate plans to ship all remaining boxes to customers—but given how behind it already is, it seems like a tough promise to keep.

In a press release released overnight, Loot Crate announced plans to file for Chapter 11 bankruptcy. Reports of financial troubles have been circulating for awhile—including defaulting on a $21 million loan in 2017—even though Loot Crate has about 250,000 subscribers. The plan is to try and sell the company, with one of its investors, Money Chest (who will set the initial auction bid), funneling a $10 million bankruptcy loan to keep operations afloat in the interim.

[Daehawk]

How can you make $5 million a month and go out of business?

[coopasonic]

How can you make $5 million a month and go out of business?

spend $6 million a month

[Daehawk]

On the crap they sold?....I mean I got some stuff each month I liked but 50% was useless. They could not have been paying more than $2 for what was in crates...maybe 10 cent per box itself...and maaaaybe the shirt was 50 cent to them..a buck or two at most. Seemed like a way to roll in money .Guess they were stupid. I think I kept it 7 or 8 months. When I had enough shirts and junk I quit haha. I did get some nice shirts that I actually still wear. My wife even liked my crossover Fallout / Walking Dead shirt.

[Smoove_B]

Haven't read up on it, but as an avid Kickstarter backer I can tell you that if their profit model didn't account for the ridiculous changes in shipping costs over the last ~4 years, this doesn't surprise me at all.

[Default]

. My wife even liked my crossover Fallout / Walking Dead shirt.

Was that The Falling Dead shirt, or the Walking Out tee?

[Daehawk]

In actual life I cant even find a pic of it online. Its black and has TWD folk as FO characters in the VATS style in green.

[YellowKing]

I took advantage of a one-time promo they were offering for a horror box that was supposed to ship in June. I'm still waiting. They keep sending notices that shipping is delayed but I'm skeptical that I'll ever get it.

[msteelers]

I don't think I ever did LootCrate, but I signed up for the Marvel box once on Amazon. After several months of my friends telling me how great it was, and showing off all the cool stuff they got, I signed up to receive the MCU 10th anniversary box. What was inside? Two tiny "collectors figures" that were hideous, some PEZ, and a Funko Pop Movie Moments figure from... Iron Man 2. The 10th anniversary box included merch from one of the worst Marvel movies!

I canceled and tried to leave a 1-star review, but apparently everyone else had the same idea and they disabled reviews for that item.

[Daehawk]

Funco big heads,,,eeech...seems everyone had those things in their boxes and giveaways. Some people loved them I guess but I hated them. No care at all for them. I only have one now and its a Batman / Joker hybrid.

[MonkeyFinger]

I used to subscribe to the Firefly boxes and currently am getting the Fallout ones. Hopefully. If anyone wants to see the email that went out, here it is:

Spoiler:

Hey Looter,

I am writing you with news – Loot Crate is being acquired. Our proposed buyer Loot Crate Acquisition LLC is an affiliate of an existing investor, Money Chest LLC who is providing us with immediate financial support. They know our company well – they have invested in Loot Crate in the past and have been a great partner.

As part of the sale agreement, Loot Crate filed for chapter 11 reorganization. The purpose of the chapter 11 filing is to facilitate the sale of the business and position the company to achieve the delivery times and customer experience you deserve.

You, the Looters, are our top priority. Our existing investor is providing us with up to $10 million in new financing which allows us to continue our daily operations and we intend to fulfill your subscriptions. Look for updates on deliveries soon.

As you are a big part of our Looter family, you will be receiving more communications from us during the sale process. Our goal is to fulfill the promises made to you, and we will be updating you with shipping and delivery dates as soon as we have them.

For information on the process and to answer some questions you might have, please see the FAQ below.

We appreciate your continued support.
Team Loot Crate



LOOTER QUESTIONS AND ANSWERS

Why did Loot Crate file for chapter 11 protection?

Loot Crate filed voluntary petitions under chapter 11 of the United States Bankruptcy Code to implement the sale of its business to Loot Crate Acquisition LLC, an affiliate of existing investor Money Chest LLC, while maintaining operations, continuing to ship goods and fulfill orders.

What does this mean for my subscription?

You do not need to do anything. Our buyer is providing us with new financing which allows us to continue our daily operations and our goal is to fulfill all of your subscriptions (past, present and future). Look for updates on deliveries soon.

Do I need to do anything with my subscription?

No. Your subscription is intact and you do not need to make any changes.

I didn’t get a box like I was supposed to. Will it still come?

Yes. You can expect updates on any past deliveries soon. Thanks for your patience while we sort things out.

Does Loot Crate have enough money to run its business?

We’ve got a commitment for up to $10 million in new financing from our existing investor, Money Chest LLC to support normal operations throughout the brief sale process.

Does the filing impact shipping crates?

Yes, but in a good way. With the new financing, we’re able to finish out crates that had not been shipped. Look for updates on deliveries.

How long will Loot Crate be in chapter 11?

We expect the sale process to be completed in 45 days.

What are the filing details?

Loot Crate, Inc., Loot Crate Holdings, Inc., LC Funding, Inc. and Loot Crate Parent, Inc. filed for chapter 11 protection on August 11, 2019 in Wilmington, Delaware. All the legal information can be found at https://cases.stretto.com/lootcrate. Toll free (877) 272-4403 or for international callers (949) 229-3562.

[msteelers]

Funco big heads,,,eeech...seems everyone had those things in their boxes and giveaways. Some people loved them I guess but I hated them. No care at all for them. I only have one now and its a Batman / Joker hybrid.

My wife and I enjoy the Funko Pop dolls. We have a decent sized collection (decent sized for us anyway) of Marvel characters.

[morlac]

How can you make $5 million a month and go out of business?

spend $6 million a month

150 warehouse workers. Sounds like some poor resource and efficiency mgmt. Don't fix the process just throw bodies at it. I suspect this has been their strategy in all things besides logistics. Success will sink a company just as quick as no success if you are not prepared. Too late to fix it now.

[Jaymann]

To me the whole concept is flawed, paying to acquire miscellaneous junk. I would pay to have some of mine go away.

[morlac]

To me the whole concept is flawed, paying to acquire miscellaneous junk. I would pay to have some of mine go away.

One man's junk is another man's loot crate. It's been that way since forever.

The execution is flawed, there is obviously a customer base.

[Daehawk]

I always loved hunting Easter eggs and getting Christmas and birthday gifts. Its the surprise factor. The not knowing what you're getting. Thats why I tried it out for a while.