It started with the closures of video rental outlets.
Stores selling pre-owned games are also losing out to digital media.
Where did it expect to take the brand?
Chicken Soup promised to keep employees in the loop regarding the proceedings.
“Overnight we filed for Chapter 11 bankruptcy protection,” the memo said.
We will provide regular updates."
The writing was already on the wall.
Additionally, several vendors and filmmakers remain unpaid, and some are filing lawsuits against the company.
The filing also warned of potential bankruptcy without securing additional funding.
Momentum faded as Wall Street scrutinized the business model and the complexities of integrating Redbox.
Now, a Delaware bankruptcy court will decide the company’s future and whether it can recover.
The company’s total debt stands at $970 million.
As the court proceedings continue, the future of CSSE and its assets remains uncertain.
