Chicken Soup for the Soul Entertainment, the company behind the popular book series and video streaming service, has filed for bankruptcy protection in a Delaware court. Despite having $414 million in assets as of March 2024, the company faced financial trouble after acquiring Redbox in 2022, which left them with a substantial debt of $360 million.
The film industry is recovering from its pandemic-induced slump, but Chicken Soup still requires additional cash to purchase and distribute new content. The company is currently unable to pay its suppliers for movies, leading to operational challenges and disappointing business results within the Redbox segment. To address these financial issues, Chicken Soup plans to sell off part of the business and restructure the remainder.
The company still operates thousands of Redbox DVD rental kiosks across the U.S., but its core book series has ventured into various other avenues such as movies, television shows, and pet food products. The company went public in 2017 marking a significant point in its history. However, despite its current financial challenges, Chicken Soup remains a prominent and well-known brand in the entertainment industry.
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