Chicken Soup for the Soul Entertainment files for Chapter 11 bankruptcy, Facing Mounting Debt and Unpaid Bills from file nth Watch Video
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⏲ Duration: 0:38 👁 View: 775K times ✓ Published: 03-Jul-2024
Description: Chicken Soup for the Soul Entertainment, the parent company of Redbox, has filed for Chapter 11 bankruptcy protection due to mounting debt and unpaid bills. The company's shares have dropped by 90%, and it owes millions to over 500 creditors, including major names in the entertainment and retail industries. The company acquired Redbox in 2022, but this did not lead to success as it continued to experience losses. Redbox, founded in 2002, has 27,000 kiosks in the U.S., and its parent company also offers ad-supported streaming services.