Chicken Soup for the Soul Entertainment, Inc. Series A Cumulative Redeemable Perpetual Preferred Stock

CSSEP

Market cap $2.4M

NEW YORK — Chicken Soup for the Soul Entertainment, the parent of DVD rental operator Redbox, has filed for chapter 11 bankruptcy protection.

Chicken 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.

EXCLUSIVE: Chicken Soup for the Soul Entertainment, which filed for Chapter 11 bankruptcy protection on Saturday, has installed a new CEO and board of directors. Bart Schwartz, whose business career has not included any significant media or entertainment experience, is stepping in to replace Bill Rouhana as CEO.

The owner of Redbox has filed for bankruptcy after accumulating nearly $1 billion in debt.

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.

EXCLUSIVE: In the latest sign of trouble for Redbox parent Chicken Soup for the Soul Entertainment, the company's employees say they have not been paid in nearly a week and their medical benefits have been suspended.

Chicken Soup for the Soul Entertainment, the ailing parent of video kiosk operator Redbox and streaming services like Crackle and Popcornflix, has gotten rid of its entire board of directors. The only remaining board member, the company said in an SEC filing late Monday, is Chairman and CEO Bill Rouhana.

Chicken Soup for the Soul (NASDAQ: CSSE ) stock is falling on Thursday after the entertainment company received a delisting warning from the Nasdaq Exchange. Chicken Soup for the Soul was sent a notice on April 18 about a potential delisting due to the late filing of its annual report for 2023.

One of today's biggest market movers is Chicken Soup for the Soul Entertainment (NASDAQ: CSSE ). While CSSE stock doesn't typically see much extreme price action, shares are skyrocketing today at levels impossible to ignore.

Chicken Soup for the Soul (NASDAQ: CSSE ) stock is rising higher on Wednesday alongside heavy pre-market trading of the entertainment company's shares. This has more than 17 million shares of CSSE stock changing hands as of this writing.