Redbox is shutting down after its parent company, Chicken Soup for the Soul Entertainment, filed for bankruptcy last month, according to multiple reports. More than a thousand employees will be laid off and thousands of those once-familiar red DVD rental kiosks and streaming services will be shut down, according to the Wall Street Journal.
Redbox was acquired by Chicken Soup for the Soul in 2022. At the time, the company billed the merger as the start of an entertainment conglomerate set to reach consumers across mediums and boost revenue, but losses continued to pile up. The acquisition also included the assumption of Redbox’s reported $325 million debt.Chicken Soup for the Soul noted in its bankruptcy filing that it currently operates about 27,000 kiosks across the U.S. — down from 36,000.
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