22 articles | last updated: Jul 12 20:58:22
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.
People, Places and Things In This Story
- Redbox Retail company
- Chicken Soup for the Soul Media company
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