Redbox missed a multimillion-dollar payment it couldn't afford to miss
Redbox misses $16.7 million payment to NBCUniversal, facing financial distress and potential bankruptcy. Parent company, Chicken Soup for the Soul Entertainment, struggles with debt, legal issues, and unpaid bills, leading to job terminations and business closure. CEO fires board amidst turmoil.
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Redbox, the DVD rental kiosk company, missed a $16.7 million payment to NBCUniversal, leading to a court order to pay the full balance. The missed payment indicates financial distress, potentially leading to bankruptcy for Redbox and its parent company, Chicken Soup for the Soul Entertainment. Chicken Soup, which acquired Redbox, faces mounting debt and legal challenges, including unpaid bills and failed debt payments. Redbox's financial troubles extend to unpaid bills for leased cars, with the threat of job terminations and business closure looming. Despite attempts to resolve financial issues, including settling with Universal in May, Redbox's financial situation remains precarious. Chicken Soup's CEO fired the entire board of directors amidst the financial turmoil. The company's inability to meet financial obligations and mounting legal challenges paint a bleak picture for the future of Redbox and its parent company.
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5 commentsAnd this is the second time they’ve done this.
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