After months of financial struggles, Redbox parent Chicken Soup for the Soul Entertainment has filed for Chapter 11 bankruptcy protection.
The company relayed news of the Delaware court filing in a message to employees in the early hours of Saturday.
“Overnight we filed for Chapter 11 bankruptcy protection,” the message said. “In connection with the filing, we have applied for approval of a debtor in possession [DIP] loan. Upon court approval, we expect payroll to be funded early in the week and funding for this upcoming week’s payroll to also be secured. We also expect to have the funds to reinstate medical benefits back to May 14, 2024 and going forward. We will provide regular updates.”
h/t Emeraldlight
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