Parent company of Redbox files for bankruptcy

The distinctive red kiosks, with DVDs for rent or purchase, can be found at your local grocery and retail stores. Now the parent company of Redbox has filed for bankruptcy.

In a court filing, Chicken Soup for the Soul Entertainment (CSSE) revealed that it has nearly $1 billion in debt. The company also and owes millions of dollars to several entertainment companies including the BBC and Sony Pictures, plus several retailers, including Walmart stores, across the country.

The company acquired the nearly $325 million debt after the purchase of Redbox in 2022 with hope of competing with other national streaming services.

According to Redbox website, the company launched in 2002 and currently has nearly 34,000 kiosks in grocery and drug stores across the United States.