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Chicken Soup for the Soul Entertainment, swamped by debt, declares bankruptcy

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Chicken Soup for the Soul, which once surged on the strength of nurturing content, tumbled deeper into debt after buying DVD provider Redbox.

Positive thinking wasn't enough to help Chicken Soup for the Soul Entertainment escape a pile of unpaid bills.The publisher of uplifting books, TV, movie and online video content, which also owns DVD rental operator Redbox, on Friday filed for Chapter 11 bankruptcy protection in Delaware court after racking up nearly $1 billion in debt.Chicken Soup was founded in 1993 by motivational speakers Jack Canfield and Mark Victor Hansen.

In court documents, the company said its lenders were unwilling to cooperate with refinancing.A spokesperson for Chicken Soup for the Soul declined to comment.Chicken Soup for the Soul saw rapid growth after going public in 2017, when its investors included Ashton Kutcher, with its annual revenues soaring from less than $10 million to more than $294 million in 2023.

 

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Redbox DVD kiosk owner Chicken Soup For The Soul files for bankruptcyChicken Soup for the Soul Entertainment has filed for Chapter 11 bankruptcy in Delaware, with nearly $1 billion in debt, two years after purchasing DVD rental company Redbox.
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