Chicken Soup for the Soul Entertainment, the parent of DVD rental operator Redbox, has filed for Chapter 11 bankruptcy protection.
The bankruptcy filing comes after months of a series of financial struggles for the company and piling unpaid bills. Chicken Soup for the Soul has accumulated nearly $1 billion in debt, the Chapter 11 filing submitted Friday in Delaware bankruptcy court shows, after reporting loss after loss over recent quarters.
The filing also discloses that Chicken Soup for the Soul owes millions to over 500 creditors — which range from big names in the entertainment world like Sony Pictures and Warner Bros, to major retailers like Walgreens and Walmart.
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.
Read more at NPR.org
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