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Benzinga
  • 2 years ago
DVD kiosk rental company Redbox is shutting down its business after its parent company, Chicken Soup for the Soul Entertainment, filed for Chapter 7 liquidation bankruptcy. Redbox had around 34,000 kiosk locations across the US, primarily located in grocery and drug stores. Since 2002, it rented over 1 billion DVDs. Chicken Soup for the Soul Entertainment was $1 billion in debt and owed millions to entertainment companies. It filed for Chapter 11 bankruptcy in June 2024 after months of financial struggles and failing to pay employees and vendors for at least 4 weeks.
Transcript
00:00It's Benzinga, and here's what's on the block.
00:02DVD kiosk rental company Redbox is shutting down its business after its parent company,
00:08Chicken Soup for the Soul Entertainment, filed for Chapter 7 liquidation bankruptcy.
00:12Redbox had around 34,000 kiosk locations across the U.S., primarily located in grocery and
00:17drug stores.
00:19Since 2002, it rented over 1 billion DVDs.
00:23Chicken Soup for the Soul Entertainment was $1 billion in debt and owed millions to entertainment
00:27companies.
00:28It filed for Chapter 11 bankruptcy in June 2024 after months of financial struggles and
00:33failing to pay employees and vendors for at least four weeks.
00:36For all things money, visit Benzinga.com.
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