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Chicken Soup for the Soul Entertainment, swamped by debt, declares bankruptcy
CBSN
Positive thinking wasn't enough to help Chicken Soup for the Soul Entertainment escape a pile of unpaid bills.
The publisher of uplifting books, TV, movie and online video content, which also owns DVD rental operator Redbox, on Friday filed for Chapter 11 bankruptcy protection in Delaware court after racking up nearly $1 billion in debt.
Chicken Soup was founded in 1993 by motivational speakers Jack Canfield and Mark Victor Hansen. Over the ensuing years, the company expanded beyond publishing books and developed a range of advertisement-supported video-on-demand services, including Redbox, Crackle, and Popcornflix, according to S&P Capital IQ.
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The carnage left by Hurricane Beryl in the Caribbean this week is a stark reminder of the destruction such storms can wreak on entire communities. And with meteorologists expecting an above normal Atlantic hurricane season this year, nearly 33 million homes from Texas to Maine could face danger from the savage winds, storm surges and heavy rainfall such tempests can produce, real estate data provider CoreLogic estimates.