Exactly, they never sent quality stuff. If any of these crate companies sent their crates with a small profit margin they would do very well, but so many send low-quality items and nobody likes that.
Standby for the final Lootcrate. This month's theme is bankruptcy. It comes with two letters marked urgent and a t-shirt with FINAL WARNING in red letters.
By those sums, it seems they had almost 260 employees. That seems like an awful lot of staff for what is essentially a small logistic company with a limited product. They made the same mistake telltale made, expanded way too much when times were good and crashed hard when their demand fell.
I'm not sure what your criticism is. You live in Canada. isn't it expected that you get your boxes later than folks that live in the u.s because of shipping?
Me Me I mean you say you can’t understand his criticism yet his very reasoning for dropping the product is what led to the company filing for bankruptcy
@@ZombieG24 no he said that he didn't get his boxes in time years ago and that's because he lives in Canada. It takes longer to ship there vs u.s. It's a postal issue, not a loot crate issue.
Me Me seriously if it were only a postal issue it would have been as easy as shipping it out a few days earlier. It was the value for he buck that pushed me away! The crates got worse and worse.... half the crates were missing items. (On The list and reviewed by others) so it wasn’t only the postal problem!
Me Me he did very clearly also say that the quality of the product kept getting worse, and the delivery time isn’t just an issue in Canada as loads of other customers even in the U.S have had the same problem.
I've been emailing Loot Crate back and forth since May with regards to the whereabouts of my April Loot Wear, every month I'm promised its 'shipping next month'. Really think they should have stuck to just the one box, possibly two, I think they just got too big too fast 😔 Hope my Loot Wear arrives, really enjoyed those boxes.
I loved loot crate but I haven't subscribed to them in 3 years. I'm honestly surprised this didnt happened 2 years ago. I did use the code boogie2988 years ago. I even have an autographed pokemon card I sent to you and you sent back.
I discontinued my subscription about 2 years ago, because I saw this coming. The boxes got extremely repetitive and seemed like there wasn't much effort being put towards them anymore, and the price increases turned me off. Add that to having like 20 different box options, and you have potential new buyers seeing too many things and just not pulling the trigger on the purchase. Quality > Quantity is drastically more important to me personally.
One of the problems with loot crate was that they over-ordered on stock thinking they would get the subscriptions, that didn't happen, and they have million$ sitting in the warehouse. I subscribed to the Firefly Crate and they over the 4 years got cumulatively 18 months behind, they then sent out 2 junk crates that I opened on my channel and it was full of old stock some dated 2016. I spoke with Loot Crate for months encouraging them to just be honest with their customers since not only Firefly, but I was also able to gather that Halo, Sports, Anime, and Lord Of the Rings crates where all months without delivery not never started delivering. All this again is linked back to overordering on stock, they could not sell it, so where unable to pay suppliers like QMX. So, companies like QMX stopped supplying them, so nothing for the crates. Then just Copy and Paste Customer Support from Loot Crate. I am so pleased I was able to get my money back in time is this was very clear it was coming.
@@cubzrulz their T-shirts were good though, in Kansas a normal T-shirt costs $15 if you're lucky. However, I stopped my subscription in late 2017, they stopped being innovative although to be fair they did give funko pops and figurines for a cheap price though.
Unfortunately, saw this coming a long way off. I did a lot of deals with them. They were always great to me. Fantastic. Suddenly they weren’t coming around anymore and money owed (not to me, but someone in relation to my sponsorships) was NOT showing up. They owed tons of money. So yeaaaah, that gave me the “downfall vibes”.
I’ve been an on again off again Lootcrate user. The first time they lost my business was the inflatable Crown. I still enjoyed watching Boogie open the Crates. So about a year ago I signed up for a 3 month subscription. 6 crates later crates were showing up later and later. Then there was missing items and just bad items. The final straw was when they started re using items. I’m glad I got out before not actually getting a crate.
Man I remember that Lootbox craze. There were a million different brands basically doing the exact same thing and everyone unboxed them at the beginning. But the interest really dropped after the initial hype because, honestly, they were all shipping trash.
The Trek Crate NEVER truly got off the ground in the first place. Back in 2016 the FIRST Trek crate arrived almost a YEAR late and with half the "items" being "I OWE YOU"s Loot Crate at that point was a doom waiting to happen.
I was signed up for Loot Crate for a couple years, but cancelled it about 3 years ago to save some $$ & never signed back up again. Overall, I was happy with it, but given the events you mentioned in this video, I’m kinda glad I wasn’t still signed up for it. Hopefully everyone gets what’s owed to them, & maybe Loot Crate can somehow turn things around & make a comeback.
they will get sued by their suppliers that they owe 30+ million to. I doubt they will ship anything out to existing customers and if they do, it would probably be left over stock from their warehouse.
Boogie I love you man my other comments were meant as nothing more than LOVE! Big fan from the beginning who knows how much effort you put it! You're a talented man whos come far in the TH-cam game. Great video again as always! You've got a strong fan base who wants to see you win physically, mentally, emotionally, spiritually. Keep it grooving man
One of the big things that got me to cancel my subscription about a year and a half ago was that they started having certain IPs show up a LOT. There was just so much Rick and Morty or Bob's Burgers stuff (among a couple others I can't think of atm) that despite liking those shows, I was annoyed with them.
I just think it was a bad business model. I only ever opened one loot crate and only liked 1 item. People, in general, don't want to pay $20-$25 a month for a box of random things
The problem is that when such a business is running out of cash, the temptation to run it as a Ponzi scheme, where new subscribers pay for the goods the old subscribers have yet to receive, is high. I hope Lootcrate will get out of bankruptcy filling soon and in good shape. Fingers crossed for its employees and partners.
I ordered Lootwear from Lootcrate. And it was a loot nightmare. I paid two months only got one and it was missing items. I know your a hugh fan, but it dont surprise me they are going under.
I got rid of my subscription after they repeated a t shirt. I asked for a refund for the remaining crates and they refused. I told them I’d file a claim with my credit card company and they eventually refunded it. So do with that information what you will everyone
I used to get Lootcrate, but I had to stop the subscription because I lost my job last November. I'm working now but I just never resubscribed. Glad I didn't.
As a picker in a warehouse I can tell you that if it's set up right, and managed right, pumping out crates would have been a non issue. Either there were bad decisions distribution wise or business decisions were made that shouldn't have been made. I don't think they'll disclose exactly what happened but I can't see it being an employee issue. Not in terms of numbers, unless their distribution/picking system was really FUBAR.
I live near the warehouse, they opened the doors to the public and let people take whatever they wanted. Awesome thing to do during the holiday season.
I'm actually happy to see them go, they're literally the real-life equivalent of loot boxes in video games. Charging too much for a box of mostly cheap crap. When they first came out, they had some baller crates that made me want to subscribe, but that very quickly changed as they dropped their quality significantly, making all of the criticism completely valid. And all that aside, it's not a sustainable business model. Not quite MoviePass levels of stupid, but given the tens of millions they failed to pay back, almost.
It's not a failed business model. There are still many profitable subscription box companies out there catering to a variety of different things. What made LC fail was greed. They made too many purchase orders to lower the price that they could acquire an item (the more you buy, the more you save) and then, they failed to liquidate those remaining assets/products. The same thing happened to Nerd Block years ago.
This is sad, I was using them for years when they first were big and it was great, just couldn't stick with it financially. I hope they can work things out and continue going forward somehow. It will be hard though, since the box subscription market is now highly saturated.
Loot Crate started to suck when they added a shirt in each box, it turned to crap. Women’s shirts were very inconsistent in size, one shirt would be a very small baby doll I couldn’t wear and the next month would be too large. It just became a waste of money for me.
When this was introduced a few years back, I didn't even understand how it kept it's customers...like once you open the mystery box, you admire the contents that came inside, and you end up just putting the stuff away and never touching it again..
We’ve heard this all to many times “we promise to do ...”. Doubt that’ll happen, those who paid ahead might get a few shipments but some people will inevitably get screwed.
I had signed up under your promo code but stopped getting it a couple years ago because the product was not very good anymore and I was happy to see you no longer getting it and supporting it if you didn't think the product was good I respect you
By law the employers need to give 30 day notice, if an employee shows up for work and is let go that day the former employees can sue for severance pay, if more than 10 people sue its a class action law suit
This is sad I think it was one of the coolest company that was about the gamers,comic book,TV shows and Anime who had a site just for people like us and now that is broke I always love seeing you open up a box from them.
llc stands for limited liability company where as they filled chapter 11 they can take your money and walk away and theres little and nothing you can do about it
I was having issues with my crates as well when I went on my 6 or 7 month addiction to the service. A couple were missing items, which were always given at some point, and some crates were late by a month but I always got my item. The only item I haven't recieved is my Elder Scrolls 6 month subscription box. Which I'm really upset about now hearing their bankruptcy.
I never got a full subscription, but I did get about 10 creates over the course of the past 5 years. When they started regularly delaying their creates and delaying items I stopped using them.
It's a logistical issue. The sub boxes that do well are those like Zbox by Zavvi in the UK who are retailers and are either able to just use it as a way of getting rid of excess stock or if it's for the box specifically have a business that's in place that can offload stock or they are like Bam Box and limit the number of boxes they put out each month so keep themselves small. When they get to Lootcrates size they have to plan so far out that they don't know how many they will sell so they end up with way too much overstock and aren't really set up to be able to sell the excess which is why Vaults always been badly run. It's made worse by the fact that they reach a point where people are willing to give them bespoke products and that lets them stand out but these will often have higher min orders than something off the shelf would so they have even more excess stock. It just gets worse and worse for them and storing excess stock is expensive. They perhaps would have been better doing what they have been doing with repeat items all along, throw one 'bonus' item into every crate that's old stock that they can't offload and it most likely would have been cheaper for them (and peoples issue with getting repeat items is when it replaces new items, if they got a 'free' 6th item rather than just 5 they expected people wouldn't have been as bothered if it was a repeat item.). And more and more crates just means more and more excess stock
The business model was doomed from the start. It's similar to Blue Apron, and that stock has been tanking since its IPO. All these upstart business are gonna go bankrupt.
I tried Loot Crate for about half a year and I hated it. There are many better subscription boxes out there. I am not surprised that they are going bankrupt.
If I had to guess on this. I would say that another great company fell victim to the mismanaged bug. Someone messed up and it had to have happened well before this 6 month period you referred to. This 6 month period is just the end result and the bankruptcy is just that whatever did happen, they couldnt recover from
For it was always the same for every loot crate unboxing I saw (also with other brands): On a value level you technically get a decent enough deal, but none of those boxes ever held enough things I personally cared to have to get my interest. Sad to see those offerings go though.
I would not count on it the company that took control is known for buying failing companies and selling off everything for a profit which is kinda of screwed up because you paid for the stuff id try too get my bank to get a charge back look at Defyi media all those youtubers lost millions if nothing happens all you can do is either do nothing or sue
I left because one of my crates got lost during delivery and they said I would get a replacement which was never sent after a full month, I've never looked back since
When I started off your code the price was good for the variety of items you got. Then over time the quality dropped, crates were late, t-shirts were crappy or mis-sized. Their customer service was awful. Cancelled over a year ago and glad I did. didn't miss out on much.
firefly crate fell behind two years ago, and stopped entirely a year ago... and they still charged me for another full year last december. i'm so glad i got a full refund when i did.
I wonder how much money they have taken in just from the upcoming Rick and Morty crate that none of us will probably get. So glad we canceled a couple years ago.
Same, bought mine last October in 2018. Was due in March, then it was delayed until May (they called it a typo in an official email), then it was delayed it until June, then July and still nothing has come. Requested a full refund, but I am not holding my breath.
I was really sad. We just started getting some extra income and we decided to sign up this year in may. So my first box was 3 months late then lootcrate files for bankruptcy. I don't know how someone doesn't take this lesson and make their own version of loot crate and keep it small.
Man, the 1st elder scrolls box hasn't even shipped yet. Alot of people bought the year subscription to that. They'll end up doing like nerd block did and keep shipping out overstock till they run out taking everyone's money in the mean time that didn't hear the news and then disappear without paying anyone back. Bankruptcy allows them to do that. The people at the top never have to sacrifice. MURICA
An even bigger issue... if you cancel your sub, you won't get a prorated credit. They just ship until the sub is complete, which was fine, when they were actually delivering. Now it's a gamble
Glad to see you are back to a familiar format once again. Sucks for Lootbox that it was such a downer of a subject. I hadn't even noticed you weren't doing the loot boxes on here all this time...
My friend did contract work for Lootcrate. He has been fighting with them to get paid for his work for over 6 months. They promised to pay him in Sep, and then this happened. He's screwed and out the $10k they owe him. Lootcrate is garbage.
I worked at a fedex warehouse for a few months and we shipped bark boxes. Unfortunately, many of the iteme are not well secured in the box and often fall out. I always felt bad for the dogs and owners who would never know that they're missing something they payed for.
I signed up for a subscription to LootWear and LootWear Risky Business in March. In the months since, I have only received a shipment for May's LootWear. I have sent LootCrate a request to cancel both Subscriptions, deduct for what has shipped, and refund the rest of my money. I think four months of waiting is long enough.
Luckily my loot anime subscription was billed monthly because no box shipped for several months so far this year. Thankfully, I wasn't billed for those months. I have also noticed occasionally one item would ship much later than the rest of the box and the past few boxes have been underwhelming.
I bet it was the classic case of them ordering so much product at a time to reduce their cost and then they have a warehouse full of stuff that they can’t ship because of a lack of subscribers so they freeze ordering new stuff and re issue/duplicate items to clear inventory and they lost there hat in the process.
I was one of the first subscribers to Loot Crate. I remember when they were shipping in plain white boxes. The whole reason I stopped my subscription is specifically because of the very lackluster original crates. I stopped 2 years ago after 2 or 3 years of subscriptions. I miss what it used to be. But this is business.
That’s a damn shame, I only ordered like a half a dozen crates and I super loved everything I got in each one of them, especially that Gurren Lagann artbook in the anime box which was the first ever lootcrate I even ordered. I hope something happens where Loot Crate can re-emerge once more but it ain’t looking like that’ll be likely. If not, I hope at least people will get the crates they are owed.
Now we need loot boxes in games to file bankruptcy lmao
So true.
@@dstranger so just microtransactions/DLC an evil we got used to years ago?
Sad people FUCKEN pay for that 🙄
"Surprise mechanics" IRL
ٖ ٖ not funni
Didn’t laugh
🐒
I'm surprised they still exist. Who wants $20 worth of crap every month?
Dave Cisneros That’s why my wife and I cancelled. Just a lot of junk every month
Exactly, they never sent quality stuff. If any of these crate companies sent their crates with a small profit margin they would do very well, but so many send low-quality items and nobody likes that.
Dave Cisneros I know right? Especially when you can’t pick what you get? I never got the appeal of the whole thing.
People who buy collector editions
Yeah just buy the stuff you actually want and stop collecting extra crap.
Standby for the final Lootcrate. This month's theme is bankruptcy. It comes with two letters marked urgent and a t-shirt with FINAL WARNING in red letters.
Lol 🤣🤣🤣
That's funny
Omg I’m 💀
By those sums, it seems they had almost 260 employees. That seems like an awful lot of staff for what is essentially a small logistic company with a limited product. They made the same mistake telltale made, expanded way too much when times were good and crashed hard when their demand fell.
So loot crate went bankrupt basically for the same reason that telltale did? Too much going on with too little finances...
Telltale were the first company I thought, biting off more than they can chew. Such a shame, I loved most of the telltale games
my same thoughts. why having those 4 billion different crates (halo,star wars etc) and focus only on one
Great comment, great point!
Wow people don’t want to pay for 💩
I don't know what to even think anymore. Calamity!
SO glad I canceled my subscription after the first Fallout crate series.
@Lloyd Ferguson Hi fellow Penguins Fan !
@@craigslater2321 LGP!!!
Same, a £30 box of shite
Same here plus they tried to bill my wife for a second year of it. She shut them down fast on that.
@@lloydferguson2938 INDEED !
I would sign up for a service that sent me beef jerky every month.
Yoo that's a good idea
That’s why I dropped loot crate years ago... never got to me in Canada on time... never... and contents kept getting worse... wasn’t worth the money
I'm not sure what your criticism is. You live in Canada. isn't it expected that you get your boxes later than folks that live in the u.s because of shipping?
Me Me I mean you say you can’t understand his criticism yet his very reasoning for dropping the product is what led to the company filing for bankruptcy
@@ZombieG24 no he said that he didn't get his boxes in time years ago and that's because he lives in Canada. It takes longer to ship there vs u.s. It's a postal issue, not a loot crate issue.
Me Me seriously if it were only a postal issue it would have been as easy as shipping it out a few days earlier. It was the value for he buck that pushed me away! The crates got worse and worse.... half the crates were missing items. (On The list and reviewed by others) so it wasn’t only the postal problem!
Me Me he did very clearly also say that the quality of the product kept getting worse, and the delivery time isn’t just an issue in Canada as loads of other customers even in the U.S have had the same problem.
I've been emailing Loot Crate back and forth since May with regards to the whereabouts of my April Loot Wear, every month I'm promised its 'shipping next month'. Really think they should have stuck to just the one box, possibly two, I think they just got too big too fast 😔
Hope my Loot Wear arrives, really enjoyed those boxes.
I have three crates owed that are scheduled to ship August 31st. I'm not holding my breath.
@@goddessmelanisia yeah 😔 can't see them being able to get everyone's owed crates. Hope you do get yours though, fingers crossed!
I loved loot crate but I haven't subscribed to them in 3 years. I'm honestly surprised this didnt happened 2 years ago.
I did use the code boogie2988 years
ago. I even have an autographed pokemon card I sent to you and you sent back.
I discontinued my subscription about 2 years ago, because I saw this coming. The boxes got extremely repetitive and seemed like there wasn't much effort being put towards them anymore, and the price increases turned me off. Add that to having like 20 different box options, and you have potential new buyers seeing too many things and just not pulling the trigger on the purchase.
Quality > Quantity is drastically more important to me personally.
Lowkey have been wondering why I haven’t been seeing Lootcrates around as much as I used to... now I know why
Lootbox
One of the problems with loot crate was that they over-ordered on stock thinking they would get the subscriptions, that didn't happen, and they have million$ sitting in the warehouse. I subscribed to the Firefly Crate and they over the 4 years got cumulatively 18 months behind, they then sent out 2 junk crates that I opened on my channel and it was full of old stock some dated 2016. I spoke with Loot Crate for months encouraging them to just be honest with their customers since not only Firefly, but I was also able to gather that Halo, Sports, Anime, and Lord Of the Rings crates where all months without delivery not never started delivering. All this again is linked back to overordering on stock, they could not sell it, so where unable to pay suppliers like QMX. So, companies like QMX stopped supplying them, so nothing for the crates. Then just Copy and Paste Customer Support from Loot Crate. I am so pleased I was able to get my money back in time is this was very clear it was coming.
I stopped doing Lootcrate when they began giving more options. That was when I noticed the quality dropping and gave it up.
Took 6 months of constant emails and arguing for the refund of 3 Lootwear's that never shipped since January. I'm pleased I got my money back in time.
Loot Crate used to be so good, but eventually they just switched to ultra-cheap items that sell for less than 2 bucks on ebay.
That was always the case.
@@cubzrulz their T-shirts were good though, in Kansas a normal T-shirt costs $15 if you're lucky. However, I stopped my subscription in late 2017, they stopped being innovative although to be fair they did give funko pops and figurines for a cheap price though.
Unfortunately, saw this coming a long way off. I did a lot of deals with them. They were always great to me. Fantastic. Suddenly they weren’t coming around anymore and money owed (not to me, but someone in relation to my sponsorships) was NOT showing up. They owed tons of money. So yeaaaah, that gave me the “downfall vibes”.
Cant wait for boogie to unbox make-up boxes
I vote a Fab Fit Fun unboxing
man lootcrate was such a neat idea, hope someone else finds the perfect balance of variety and subscription levels
I think a limited one-time box is the best solution rather than a subscription service.
This video is great content boogie! Keep doing this stuff. 🤙
I’ve been an on again off again Lootcrate user. The first time they lost my business was the inflatable Crown. I still enjoyed watching Boogie open the Crates. So about a year ago I signed up for a 3 month subscription. 6 crates later crates were showing up later and later. Then there was missing items and just bad items. The final straw was when they started re using items. I’m glad I got out before not actually getting a crate.
We're owed three crates for LootAnime, April, May, and June.
Man I remember that Lootbox craze. There were a million different brands basically doing the exact same thing and everyone unboxed them at the beginning. But the interest really dropped after the initial hype because, honestly, they were all shipping trash.
I had wondered about this! Thanks for the updates.
The Trek Crate NEVER truly got off the ground in the first place.
Back in 2016 the FIRST Trek crate arrived almost a YEAR late and with half the "items" being "I OWE YOU"s
Loot Crate at that point was a doom waiting to happen.
I think we're very value minded and also fairly specific in our interests, and that can be difficult for loot boxes.
Yes. it's for people that don't have specific interests aka easy to please
I was signed up for Loot Crate for a couple years, but cancelled it about 3 years ago to save some $$ & never signed back up again. Overall, I was happy with it, but given the events you mentioned in this video, I’m kinda glad I wasn’t still signed up for it. Hopefully everyone gets what’s owed to them, & maybe Loot Crate can somehow turn things around & make a comeback.
Just got an email 5 minutes ago from Lootcrate stating that they have been acquired and their investor is giving them $10 mil to continue operations.
they will get sued by their suppliers that they owe 30+ million to. I doubt they will ship anything out to existing customers and if they do, it would probably be left over stock from their warehouse.
Facts > speculation
it's actually all speculation. I don't consider statements from failing companies as facts. they could be lying about everything for all we know.
@@MeMe-dg4ohThey filed for bankruptcy. The entire point was to drop and prevent debt collection lawsuits.
@@Tero133 not necessarily. Lawsuits can still happen. They just have to go through the bankruptcy courts.
Boogie I love you man my other comments were meant as nothing more than LOVE! Big fan from the beginning who knows how much effort you put it! You're a talented man whos come far in the TH-cam game. Great video again as always! You've got a strong fan base who wants to see you win physically, mentally, emotionally, spiritually. Keep it grooving man
Sad to see loot crate gone
Happy to see a new vid
One of the big things that got me to cancel my subscription about a year and a half ago was that they started having certain IPs show up a LOT. There was just so much Rick and Morty or Bob's Burgers stuff (among a couple others I can't think of atm) that despite liking those shows, I was annoyed with them.
I was afraid of this, I bought the lord of the rings boxes and they haven’t shipped any of them. Going to be pretty upset with no items and no refund.
Same here I bought lotr series over 6mo. Ago and was delayed again and again. Now nothing???
Haha u got scammmed
If you received nothing, couldn’t you issue a chargeback with your card?
Aww man that sucks:(
I just think it was a bad business model. I only ever opened one loot crate and only liked 1 item. People, in general, don't want to pay $20-$25 a month for a box of random things
That's sort of a bummer , I really enjoyed using lootcrate for past two years from 2017 to 2018😔
The problem is that when such a business is running out of cash, the temptation to run it as a Ponzi scheme, where new subscribers pay for the goods the old subscribers have yet to receive, is high. I hope Lootcrate will get out of bankruptcy filling soon and in good shape. Fingers crossed for its employees and partners.
I ordered Lootwear from Lootcrate. And it was a loot nightmare. I paid two months only got one and it was missing items. I know your a hugh fan, but it dont surprise me they are going under.
I got rid of my subscription after they repeated a t shirt. I asked for a refund for the remaining crates and they refused. I told them I’d file a claim with my credit card company and they eventually refunded it. So do with that information what you will everyone
What information? You forgot to tell us the credit card number
I used to get Lootcrate, but I had to stop the subscription because I lost my job last November. I'm working now but I just never resubscribed. Glad I didn't.
As a picker in a warehouse I can tell you that if it's set up right, and managed right, pumping out crates would have been a non issue. Either there were bad decisions distribution wise or business decisions were made that shouldn't have been made. I don't think they'll disclose exactly what happened but I can't see it being an employee issue. Not in terms of numbers, unless their distribution/picking system was really FUBAR.
So THIS is why they're two crates behind for me.
I live near the warehouse, they opened the doors to the public and let people take whatever they wanted. Awesome thing to do during the holiday season.
I'm actually happy to see them go, they're literally the real-life equivalent of loot boxes in video games. Charging too much for a box of mostly cheap crap. When they first came out, they had some baller crates that made me want to subscribe, but that very quickly changed as they dropped their quality significantly, making all of the criticism completely valid.
And all that aside, it's not a sustainable business model. Not quite MoviePass levels of stupid, but given the tens of millions they failed to pay back, almost.
It's not a failed business model. There are still many profitable subscription box companies out there catering to a variety of different things. What made LC fail was greed. They made too many purchase orders to lower the price that they could acquire an item (the more you buy, the more you save) and then, they failed to liquidate those remaining assets/products. The same thing happened to Nerd Block years ago.
This is sad, I was using them for years when they first were big and it was great, just couldn't stick with it financially. I hope they can work things out and continue going forward somehow. It will be hard though, since the box subscription market is now highly saturated.
Their boxes were full of garbage anyway no?
UndeadFleshgod only recently. A few years ago, they were really good.
Not when it first started
They got greedy for more profits per sold box, and people wanted value for their money... that's not a combination that'll stand the test of time.
A year ago I had crates that would ship 1 or 2 months late. I cancelled quick. Writing was on the wall.
Loot Crate started to suck when they added a shirt in each box, it turned to crap. Women’s shirts were very inconsistent in size, one shirt would be a very small baby doll I couldn’t wear and the next month would be too large. It just became a waste of money for me.
I cancelled my subscription last month, and they still owe me FIVE boxes.
I told them I wanted my money back or I'll call my bank and I got my money back for the 3 boxes that where running late
Boogie, bringing us the Good News! The new we need to hear, he'll show us more fun in five minutes than we've had all fucking year!
Lootcrate was overprized crap. Im glad they gone.
When this was introduced a few years back, I didn't even understand how it kept it's customers...like once you open the mystery box, you admire the contents that came inside, and you end up just putting the stuff away and never touching it again..
We’ve heard this all to many times “we promise to do ...”. Doubt that’ll happen, those who paid ahead might get a few shipments but some people will inevitably get screwed.
they got 11 mil but owe out 20 mil in subs. not everyone is getting their boxes i'm afraid which is sad
I had signed up under your promo code but stopped getting it a couple years ago because the product was not very good anymore and I was happy to see you no longer getting it and supporting it if you didn't think the product was good I respect you
Imagine paying $22 a month for trash. Maybe the shirt is the only thing that's worth it
the shirt pretty much pays for the box. People buy shirt for $20 at retail all the time.
By law the employers need to give 30 day notice, if an employee shows up for work and is let go that day the former employees can sue for severance pay, if more than 10 people sue its a class action law suit
Hey Boogie!! You're an amazing creator that makes so many people happy. Just wanted to remind ya
This is sad I think it was one of the coolest company that was about the gamers,comic book,TV shows and Anime who had a site just for people like us and now that is broke I always love seeing you open up a box from them.
It’s still letting me purchase long subscriptions. Why would they allow new purchases??
Maybe they're trying to move people over to another loot box company, there are a few out there.
To make back money they have lost from suckers that don't know they're going under.
llc stands for limited liability company where as they filled chapter 11 they can take your money and walk away and theres little and nothing you can do about it
@@celticwolfvapes127 I actually didn't know that, but I'm glad I do now! Guess I'll never be giving money to an LLC for a future service :)
I was having issues with my crates as well when I went on my 6 or 7 month addiction to the service. A couple were missing items, which were always given at some point, and some crates were late by a month but I always got my item. The only item I haven't recieved is my Elder Scrolls 6 month subscription box. Which I'm really upset about now hearing their bankruptcy.
No wonder I haven't seen anybody doing them and kinda forget you did them lol
I never got a full subscription, but I did get about 10 creates over the course of the past 5 years. When they started regularly delaying their creates and delaying items I stopped using them.
I guess they're now collector's items.
A lot of the stuff I got that I didn't like I wanted to sell it. Never did. Cool now it's more valuable
I don't really think people will shell out more money on cheap crap though. Some of the quality of the items looked like a fucking embarrassment.
It's a logistical issue. The sub boxes that do well are those like Zbox by Zavvi in the UK who are retailers and are either able to just use it as a way of getting rid of excess stock or if it's for the box specifically have a business that's in place that can offload stock or they are like Bam Box and limit the number of boxes they put out each month so keep themselves small. When they get to Lootcrates size they have to plan so far out that they don't know how many they will sell so they end up with way too much overstock and aren't really set up to be able to sell the excess which is why Vaults always been badly run. It's made worse by the fact that they reach a point where people are willing to give them bespoke products and that lets them stand out but these will often have higher min orders than something off the shelf would so they have even more excess stock. It just gets worse and worse for them and storing excess stock is expensive. They perhaps would have been better doing what they have been doing with repeat items all along, throw one 'bonus' item into every crate that's old stock that they can't offload and it most likely would have been cheaper for them (and peoples issue with getting repeat items is when it replaces new items, if they got a 'free' 6th item rather than just 5 they expected people wouldn't have been as bothered if it was a repeat item.). And more and more crates just means more and more excess stock
The business model was doomed from the start. It's similar to Blue Apron, and that stock has been tanking since its IPO. All these upstart business are gonna go bankrupt.
I tried Loot Crate for about half a year and I hated it. There are many better subscription boxes out there. I am not surprised that they are going bankrupt.
Oh my God thank God you made this video, I was literally going to renew it in the next day or two.
If I had to guess on this. I would say that another great company fell victim to the mismanaged bug. Someone messed up and it had to have happened well before this 6 month period you referred to. This 6 month period is just the end result and the bankruptcy is just that whatever did happen, they couldnt recover from
P Diddy?
Like Sean "Puffy" Combs?
What?
Tander101 haha I had to rewind on that part too 😂😂😂
Ik so random 😆
He means D-Piddy who is another creator on youtube, its easy to mix up.
For it was always the same for every loot crate unboxing I saw (also with other brands): On a value level you technically get a decent enough deal, but none of those boxes ever held enough things I personally cared to have to get my interest. Sad to see those offerings go though.
I was wondering why I wasn't getting my lootcrate! Dam I hope I get my boxes... 😭
Don't count on it.
I would not count on it the company that took control is known for buying failing companies and selling off everything for a profit which is kinda of screwed up because you paid for the stuff id try too get my bank to get a charge back look at Defyi media all those youtubers lost millions if nothing happens all you can do is either do nothing or sue
Man that does suck I have 6 pending crates!! Oh well :(
Syrenna Sinclair u better call your bank and get your money back
I left because one of my crates got lost during delivery and they said I would get a replacement which was never sent after
a full month, I've never looked back since
Best sub box too, they were over 4 months sending my mania box I got refund in June after waiting from Feb or March smh
No
When I started off your code the price was good for the variety of items you got. Then over time the quality dropped, crates were late, t-shirts were crappy or mis-sized. Their customer service was awful. Cancelled over a year ago and glad I did. didn't miss out on much.
I know things have been hard lately boogie, but know most of us have back! Stay positive and keep your head up! You’ll pull through!
trust me Boogie isnt hurting for money
You accidentally uploaded your tender profile picture
"but know we most of us have back"
... what?
firefly crate fell behind two years ago, and stopped entirely a year ago... and they still charged me for another full year last december.
i'm so glad i got a full refund when i did.
Loot crate was never good. You could get each product separate so much cheaper
I wonder how much money they have taken in just from the upcoming Rick and Morty crate that none of us will probably get. So glad we canceled a couple years ago.
I’m owed all my Lord of the rings crates they keep being Delayed
Dan leatherbarrow me too - and 3 cost a lot of money :(
Same, bought mine last October in 2018. Was due in March, then it was delayed until May (they called it a typo in an official email), then it was delayed it until June, then July and still nothing has come.
Requested a full refund, but I am not holding my breath.
I was really sad. We just started getting some extra income and we decided to sign up this year in may. So my first box was 3 months late then lootcrate files for bankruptcy. I don't know how someone doesn't take this lesson and make their own version of loot crate and keep it small.
Another crap in a box company going under... who would've thunk
Man, the 1st elder scrolls box hasn't even shipped yet. Alot of people bought the year subscription to that. They'll end up doing like nerd block did and keep shipping out overstock till they run out taking everyone's money in the mean time that didn't hear the news and then disappear without paying anyone back. Bankruptcy allows them to do that. The people at the top never have to sacrifice. MURICA
Ooof, they got their money though. Lol.
Guess that's what happens when minimum wage is $14.25.
An even bigger issue... if you cancel your sub, you won't get a prorated credit. They just ship until the sub is complete, which was fine, when they were actually delivering. Now it's a gamble
They should make these next few months to really impress people, instead of offering sad boxes
I think the fallout 76 curse got them when they tried to make a create of it
Glad to see you are back to a familiar format once again. Sucks for Lootbox that it was such a downer of a subject. I hadn't even noticed you weren't doing the loot boxes on here all this time...
Oh I'm early. What should I say?
We love you Boogie.
My friend did contract work for Lootcrate. He has been fighting with them to get paid for his work for over 6 months. They promised to pay him in Sep, and then this happened. He's screwed and out the $10k they owe him. Lootcrate is garbage.
Do bark box I want to see what is inside and maybe get it for my 🐕!
I worked at a fedex warehouse for a few months and we shipped bark boxes. Unfortunately, many of the iteme are not well secured in the box and often fall out. I always felt bad for the dogs and owners who would never know that they're missing something they payed for.
I signed up for a subscription to LootWear and LootWear Risky Business in March. In the months since, I have only received a shipment for May's LootWear. I have sent LootCrate a request to cancel both Subscriptions, deduct for what has shipped, and refund the rest of my money. I think four months of waiting is long enough.
Damnit!!! I literally just bought a year subscription under your code boogie!!! 😡
Mitch A try refund
incredibly braindead
Luckily my loot anime subscription was billed monthly because no box shipped for several months so far this year. Thankfully, I wasn't billed for those months. I have also noticed occasionally one item would ship much later than the rest of the box and the past few boxes have been underwhelming.
I've never bought a lootcrate box but that's a shame
Me either
I bet it was the classic case of them ordering so much product at a time to reduce their cost and then they have a warehouse full of stuff that they can’t ship because of a lack of subscribers so they freeze ordering new stuff and re issue/duplicate items to clear inventory and they lost there hat in the process.
woooaaahhh....
What a surprise noone wants boxes filled with crap XD
Dont use XD in 2019 dude
@@serxhio5006
Says the guy with 69 in his username
Love the videos you always try to keep it positive or at least honest
You didn't stop promoting them for the reasons you gave. Stop with the BS. They stopped paying you, that is why.
I always thought lootcrate was a waste of cash and was ripping it's customers off. Glad to see that they went bankrupt.
I was one of the first subscribers to Loot Crate. I remember when they were shipping in plain white boxes. The whole reason I stopped my subscription is specifically because of the very lackluster original crates. I stopped 2 years ago after 2 or 3 years of subscriptions. I miss what it used to be. But this is business.
That’s a damn shame, I only ordered like a half a dozen crates and I super loved everything I got in each one of them, especially that Gurren Lagann artbook in the anime box which was the first ever lootcrate I even ordered. I hope something happens where Loot Crate can re-emerge once more but it ain’t looking like that’ll be likely. If not, I hope at least people will get the crates they are owed.