Chicken Soup for the Soul Entertainment Files for Chapter 11 Bankruptcy

Redbox parent company struggles with $970 million in debt, missed payroll, and unpaid vendors.

The company failed to pay employees and vendors, leading to the bankruptcy filing.
Chicken Soup for the Soul Entertainment operates Redbox, Crackle, and other streaming services.
The company owes significant amounts to major studios and retailers, including Universal and Walmart.
A debtor-in-possession loan is being sought to cover payroll and reinstate employee benefits.
The financial strain stems from the debt-heavy acquisition of Redbox and declining disc rentals.