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Chicken Soup for the Soul Entertainment, which acquired the movie rental service Redbox in 2022<\/a>, has filed for Chapter 11 bankruptcy protection, Deadline<\/em><\/a> reports. The company recently disclosed net losses of $636.6 million for 2023 in a SEC filing, and Deadline<\/em> reported just a few days ago that it had suspended medical benefits and missed payroll, leaving employees without their paychecks for a week already. In a message to employees on Saturday, Chicken Soup for the Soul Entertainment said it had applied for a debtor-in-possession loan in an attempt to remedy the situation.<\/p>\n \u201cUpon court approval, we expect payroll to be funded early in the week and funding for this upcoming week\u2019s payroll to also be secured,\u201d the message said, per Deadline<\/em>. \u201cWe also expect to have the funds to reinstate medical benefits back to May 14, 2024 and going forward.\u201d The $375 million deal to acquire Redbox brought with it a ton of debt, and according to The Verge<\/em><\/a>, Chicken Soup for the Soul Entertainment owes money to a slew of retailers, studios, and streaming platforms \u2014 including Walmart, Universal and Sony \u2014 as well as other creditors.<\/p>\n Its total debts come to about $970 million. Chicken Soup for the Soul Entertainment also owns the streaming service Crackle and a few other film and TV brands, in addition to selling the long-running self-help books it\u2019s best known for.<\/p>\n<\/div>\n