Bankruptcy hits Redbox parent company, sheds doubt on future rentals

Jul 1, 2024, 8:00 PM | Updated: Jul 2, 2024, 6:04 am

Are you a fan of using Redbox  for family movie night?

Well, Chicken Soup for the Soul Entertainment, the parent company of DVD rental operator Redbox , has filed for Chapter 11 bankruptcy protection due to financial struggles and mounting unpaid bills.

(Photo by George Frey/Getty Images)

The company has accumulated nearly $1 billion in debt and owes millions to over 500 creditors, including big names in the entertainment world and major retailers.

As of March, the company had about $414 million in assets and $970 million in debts. Redbox , known for its red-colored, self-serve DVD rental machines, currently operates about 27,000 kiosks across the U.S.

Adding to the pressure is Netflix, Amazon Prime, and Hulu who have completely changed the way we watch TV and movies. Now we don’t have to go to a store to rent or buy something – we can just hop online and find tons of stuff to watch. That’s why binge-watching has become so popular.

Redbox Colorado locations are expected to stay in business during the reorganization.

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Bankruptcy hits Redbox parent company, sheds doubt on future rentals