BELLEVUE, WA -- Coinstar Inc. said it will seek approval to change its name to Outerwall Inc. at its stockholders meeting on June 27. The company's core businesses -- Redbox and Coinstar -- will retain their current brand names.
Coinstar said its proposed name change is intended to convey "pushing the walls of retail out into a new dimension through current and future automated retail solutions." The new umbrella corporate brand would also reflect the company's evolution from a single coin-counting kiosk business into multiple automated retail businesses, including its Redbox DVD rental machines and, most recently, Seattle's Best-branded Rubi coffee vending machines. | SEE STORY
Back when Coinstar was involved in bulk vending and cranes, its "4th Wall" front-of-store strategy aimed to create profit centers at the front of supermarkets and other retail outlets in "real estate" that typically lay dormant or underutilized. The company sold its entertainment division to National Entertainment Network in 2009. | SEE STORY
"More than two decades ago, Coinstar pioneered self-service coin counting and 10 years later, Redbox re-imagined a new way to deliver low-cost entertainment through DVD kiosks," said Coinstar chief executive J. Scott Di Valerio. "We continue to develop solutions that are simple, convenient and affordable."
If the new name is formally adopted, the company plans to change its NASDAQ ticker symbol from "CSTR" to "OUTR" and will announce the date trading under the new symbol will commence.