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RIP Redbox: DVD Kiosk-Rental Business Is Shutting Down With Parent’s Bankruptcy Liquidation
Redbox is shutting down its 24,000 DVD rental kiosks with parent Chicken Soup for the Soul Entertainment's Chapter 7 bankruptcy liquidation.
Its revenue peaked in 2013 at $1.97 billion, and the chain at once time had operated more than 43,000 kiosks in the U.S. and Canada stocked with movies, TV shows and games. Chicken Soup for the Soul Entertainment chairman and CEO Bill Rouhana Jr., in a declaration supporting the bankruptcy petition, claimed that the company’s financial straits were in part due to “refusals” by its lenders “to live up to their obligations, resulting in asserted defaults and/or contractual terminations across critical content and service providers.” In his declaration, Rouhana said CSSE’s ability to service the Redbox debt was “predicated on a partial return to pre-COVID levels in the number and cadence of theatrical releases that were available to the company for its kiosk network, as well as cost synergies.
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