Redbox Shuts Down as Parent Company Liquidates Amid Bankruptcy

Chicken Soup for the Soul Entertainment files for Chapter 7, ending Redbox's 22-year DVD rental business and laying off 1,000 employees.

Redbox's 24,000 DVD rental kiosks will cease operations following the liquidation.
Chicken Soup for the Soul Entertainment accumulated nearly $1 billion in debt, leading to the bankruptcy.
Employees have gone unpaid for weeks and lost health benefits due to financial mismanagement allegations.
A trustee will investigate potential misappropriation of funds meant for employee benefits.
The decline of physical media and rise of streaming services contributed to Redbox's downfall.