From their reddit :
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 "