Nerd subscription box provider Loot Crate announced back on August 12, 2019 that it was selling ?substantially all of its assets to Loot Crate Acquisition LLC.? As part of the sale agreement, Loot Crate filed for Chapter 11 bankruptcy and reorganization. In its press statement, CEO Chris Davis ?emphasized that employees and customers should not notice any difference in operations as a result of the filing or during the sale.? Mr. Davis went on to say that customers will still receive crates and employees will still be paid.
On the surface, this may sound harmless. The company got in over its head and now it has to sell its assets to keep operating. Also, it appears that it is selling its assets to itself or a subsidiary. However, LA Times pulled actual numbers as to what is going on behind closed doors, and it?s a mess.
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