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Redbox’s owner files for bankruptcy after repeatedly missing payments

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Redbox, the DVD rental company, hasn’t paid employees in over a week and owes money to the big Hollywood studios and beyond.

Redbox’s owner, Chicken Soup for the Soul Entertainment, filed for bankruptcy protection overnight. This comes at the tail end of a month in which the DVD rental company defaulted on loans, saw an order for its cars to be repossessed, and missed payroll for employees.

Chicken Soup’s bankruptcy filing shows that the company owes money to a number of retailers including Walmart and Walgreens, as well as major Hollywood studios like Universal, Sony, Lionsgate and Warner Bros. Other creditors include smaller studios, streaming platforms, and smart TV manufacturers, with the list of names including the BBC, Vizio, and Plex; Redbox and Chicken Soup-owned Crackle have been operating their own free, ad-supported streaming services on a variety of platforms.

 

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Redbox missed a multimillion dollar payment it couldn’t afford to missThe DVD rental kiosk company was supposed to pay $16.7 million in three installments. After missing the first payment, there’s a court order to pay the whole balance.
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