Chicken Soup for the Soul Entertainment, the parent of DVD rental operator Redbox, has filed for Chapter 11 bankruptcy protection.
FILE - A rental DVD is dispensed from a Redbox at a 7-Eleven in Los Angeles on August 7, 2009. Chicken Soup for the Soul Entertainment , the owner of DVD rental operator Redbox, filed for Chapter 11 bankruptcy protection, Friday, June 28, 2024. –
As of March of this year, Friday’s filing shows, Chicken Soup for the Soul had about $414 million in assets and $970 million in debts. Shares for the public company have fallen more than 90% over the last year. Chicken Soup for the Soul acquired Redbox in 2022. At the time, the company billed the merger as the start of an entertainment conglomerate set to reach consumers across mediums and boost revenue, but losses continued to pile up. The acquisition also included the assumption Redbox's reported $325 million in debt.
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