New York CNN —
The parent company of Redbox, those distinctive, red-colored kiosks at grocery stores that sell or rent DVDs, has filed for bankruptcy after enduring months of financial struggle.
Chicken Soup for the Soul Entertainment (CSSE) revealed in a filing that it has nearly $1 billion in debt and owes millions of dollars to several entertainment companies including the BBC and Sony Pictures, plus to retailers ranging from Walmart to Walgreens.
Filings show that the company took on about $325 million in debt following its purchase of Redbox in 2022 from private equity giant
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