Coinstar Rebrands as Outerwall (April 29, 2013)
In a move meant to embody the evolution of the company, automated retail provider Coinstar Inc. has announced plans to change its name to Outerwall Inc. The name change, which will be subject to shareholder vote in late June, reflects Coinstar’s growth “from a single coin-counting kiosk business into multiple automated retail businesses,” the Bellevue, Wash.-based firm said in a release. The new name was chosen to signify pushing out the walls of retail into new dimensions via automation, according to Coinstar. The company’s two core brands—the eponymous automated retail kiosks and DVD rental service Redbox—will retain their names.
Since its beginnings offering coin-collection kiosks in supermarkets in the mid-1990s, Coinstar has grown into a multifaceted automated retail provider. In February, the company struck a deal with PayPal Inc. to enable customers at selected kiosks to add coins or paper currency into or withdraw funds from their PayPal accounts and to send money to other PayPal accounts. In 2012, the company began piloting its Alula kiosk brand, which enables customers to convert unused gift cards into cash. In 2010, Coinstar sold its e-payment services division—which operates gift card malls for retailers in the U.S. and the U.K.—to prepaid distributor InComm in a $40 million deal, so it could focus on its core business.