Redbox Parent Chicken Soup for the Soul Files for Bankruptcy -- WSJ

Dow Jones07-01

By Joseph De Avila

The owner of Redbox has filed for bankruptcy after accumulating nearly $1 billion in debt.

Chicken Soup for the Soul Entertainment filed for chapter 11 protection Friday, according to a filing submitted in Delaware bankruptcy court. The company that owns Redbox DVD kiosks owes money to more than 500 creditors, including Walmart and Walgreens, and several media companies such as Warner Bros. Home Entertainment and Sony Pictures Television.

Chicken Soup for the Soul Entertainment declined to comment.

The company took on about $360 million in debt when it acquired Redbox in 2022, according to the filing. The company expected demand for its kiosk services to rebound to where it was before the Covid-19 pandemic but that plan failed after Chicken Soup for the Soul Entertainment failed to get enough cash to purchase the rights for many of the films being released, the filing said.

The company also owns video-on-demand services Chicken Soup for the Soul and Crackle.

Updates to follow as news develops.

Write to Joseph De Avila at joseph.deavila@wsj.com

(END) Dow Jones Newswires

July 01, 2024 09:20 ET (13:20 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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