Chicken Soup for the Soul Entertainment files for Chapter 11 bankruptcy protection after facing financial struggles, holding almost $1 billion in debt and owing millions to over 500 creditors.
The company acquired Redbox in 2022 to boost revenue but continued to report losses; the merger included assuming Redbox's $325 million debt. Shares fell over 90% in the last year.
Chicken Soup for the Soul currently operates about 27,000 Redbox kiosks in the U.S., down from 36,000 at the time of the acquisition. The company also runs ad-supported streaming services like Redbox Live TV and Crackle.
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