Which is chicken soup for Soul Entertainment In 2022, Redbox acquired the movie rental serviceFiled for Chapter 11 bankruptcy protection, Deadline reports. The company recently disclosed in an SEC filing a net loss of $636.6 million for 2023 and Deadline reported a few days earlier that it had suspended medical benefits and missed payroll, leaving workers without pay for already a week. In a message to employees on Saturday, Chicken Soup for the Soul Entertainment said it has applied for a loan to the debtor to remedy the situation.
“After the court’s approval, we expect the payroll to be funded at the beginning of the week and the upcoming week’s payroll to be provided,” the message said. Deadline. “We also expect to have the funds to restore medical benefits by May 14, 2024.” The $375 million deal to acquire Redbox brought with it a ton of debt, and that’s why The VergeChicken Soup for the Soul Entertainment owes money to multiple retailers, studios and streaming platforms, including Walmart, Universal and Sony, as well as other creditors.
Its total debts reach about 970 million dollars. In addition to selling some of the best-known long-running self-help books, Chicken Soup for the Soul Entertainment also owns the Crackle streaming service and several other film and television brands.
