Business & Tech
Greenwich-Based Entertainment Company Declares Bankruptcy: Reports
In bankruptcy filings, the company reportedly said it has assets totaling just over $400 million against debts of nearly $1 billion.
GREENWICH, CT — Chicken Soup for the Soul Entertainment, the Greenwich-based media company that owns the Redbox DVD kiosks in grocery stores, filed Chapter 11 bankruptcy over the weekend, the Greenwich Time, Mashable and other media outlets reported.
The company, which also owns the free streaming service Crackle, said in its filing that it has debt totaling nearly $1 billion, largely to other entertainment entities, such Sony Pictures, NBC Universal and Lionsgate Entertainment.
Additionally, the company recently missed making salary payments to employees and suspended medical benefits, Deadline reported.
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Founded 30 years ago, Chicken Soup for the Soul began as a publisher of inspirational books, and segued into an entertainment company and pet food manufacturer.
The company acquired Redbox and its nearly 30,000 kiosks in 2022.
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In its filing, the Chicken Soup for the Soul said it had just over $400 million in assets.
Its bankruptcy filing is the result, in part, of fewer titles being produced during the pandemic, and the months-long labor strikes in the entertainment industries.
The company's stock price, which had reached the $40 range in 2021, was down to about $0.12 as of Monday.
Read the Greenwich Time story; read the Mashable story; read the Deadline story.
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