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Hen Soup for the Soul Leisure (CSSE) has filed for bankruptcy roughly two years after buying DVD rental firm Redbox.
CSSE, the advertising-supported video-on-demand streaming service that additionally owns Crackle, disclosed in a Delaware submitting that it has gathered almost $1 billion in debt owed to greater than 500 collectors together with Walmart, Walgreens and Sony Photos.
A Redbox automated DVD rental kiosk is seen in Golden, Colorado, Sept. 16, 2009. ( REUTERS/Rick Wilking / Reuters)
As of the tip of March, the corporate had round $400 million in belongings, in line with the submitting. When acquiring Redbox in 2022, CSSE took on $325 million within the DVD rental firm’s debt.
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A Redbox automated DVD rental kiosk is seen in Golden, Colorado, on Sept. 16, 2009. (REUTERS/Rick Wilking / Reuters)
CSSE is a subsidiary of Hen Soup for the Soul, LLC., which publishes the well-known e-book collection. The corporate advised FOX Business it has no remark past the court docket submitting.
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CSSE’s inventory has plummeted almost 90% over the previous 12 months, and was buying and selling at round $0.12 on Monday following the information.
| Ticker | Safety | Final | Change | Change % |
|---|---|---|---|---|
| CSSE | CHICKEN SOUP FOR THE SOUL ENTERTAIN. | 0.11 | -0.09 | -44.69% |
Hen Soup for the Soul Leisure, Inc.
The chapter submitting was dated two days after Deadline reported CSSE was almost every week late in paying its staff, and employees’ well being care advantages had been suspended.
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The submitting said that Redbox at present has round 27,000 DVD rental kiosks at retailers throughout the U.S.
