Major media giant follows Blockbuster into bankruptcy - in another victory for major streaming companies
The parent company of movie rental service Redbox has filed for bankruptcy on rocky footing, after months of financial struggles. Chicken Soup for the Soul Entertainment (CSSE) filed for Chapter 11 bankruptcy protection in Wilmington, Delaware, on Friday, with nearly $1 billion in debt. The filing also shows that the company owes millions of dollars to over 500 creditors - including major retailers Walgreens and Walmart and entertainment giants such as the BBC, Sony Pictures and Warner Bros.
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