Entertainment
Chicken Soup for the Soul Entertainment Files Chapter 11
Chicken Soup for the Soul Entertainment, the parent company of movie rental company Redbox, known for its distinctive red kiosks, filed for Chapter 11 bankruptcy protection Friday.
In the filing, Chicken Soup listed debts of about $970 million and total assets of about $414 million. The company owes millions to entertainment and media companies, including Universal Studios, Sony Pictures and BBC Studios Americas, as well as some retailers, such as Walgreens and Walmart, according to court documents.
Chicken Soup for the Soul was founded in 1993 by motivational speakers Jack Canfield and Mark Victor Hansen. The company's inspirational book series, with titles like From Lemons to Lemonade and Angels Among Us, features collections of stories aimed at specific audiences, such as new moms and cat lovers.
His original book, published more than 30 years ago, dispensed life advice and stories of overcoming obstacles in the hope that it would heal readers' souls, just as chicken soup has a healing effect on the body of the sick.
The company, which has published more than 300 titles, has sold more than 500 million copies worldwide.
Chicken Soup for the Soul Entertainment is separate from its book publishing arm, which is not affected by the bankruptcy filing. It was not immediately clear whether the Chapter 11 filing would affect Redbox’s operations. The company declined to comment Sunday.
In 2022, Chicken Soup for the Soul Entertainment acquired Redbox, a company founded in 2002 and known for its bright red DVD rental kiosks outside supermarkets and drugstores. Redbox has approximately 27,000 kiosks in the United States.
William J. Rouhana Jr. became the company's chief executive officer in 2008 and led the business with his wife, Amy Newmark, publisher and editor-in-chief of the books division.
Mr. Rouhana attempted to expand the business into other products, including a line of soups, but this ultimately failed. He founded Chicken Soup for the Soul's entertainment division in 2016.
The company requested relief to pay its employees, which it was unable to do during the two-week period ending June 14, 2024. Chicken Soup for the Soul Entertainment has approximately 1,000 full-time and part-time workers.
According to a filing with the U.S. Securities and Exchange Commission, the company reported a net loss of $636 million in 2023, compared to $111 million in 2022. At the time Chicken Soup for the Soul acquired Redbox, the movie rental company had more than $300 million in debt.
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