Reported 12 months ago
Chicken Soup for the Soul Entertainment, which acquired the video content rental service Redbox, announced its bankruptcy protection filing in the U.S. due to a 6.37 billion USD loss in 2023, making it difficult to pay salaries. The company plans to pay pending salaries through loans post-filing but still faces debts with retailers, studios, and streaming services like Crackle, including owing amounts to Walmart, Universal Pictures, and Sony Pictures. With total debts accumulating to 9.7 billion USD, mainly linked to the Redbox acquisition and transformation costs, it is uncertain whether further business restructuring or selling off Redbox will follow the bankruptcy protection process.
Source: YAHOO