Redbox shuts down DVD kiosk-rental business: report

Redbox is no more.

The DVD kiosk-rental business is shutting down after its parent company converted its bankruptcy filing to Chapter 7 liquidation.

Chicken Soup for the Soul Entertainment, which owns Redbox, was nearly $1 billion dollars in debt and owes millions of dollars to several entertainment companies.

Variety reported the company’s 1,000 employees are losing their jobs without any severance or extended benefits.

Chicken Soup for the Soul Entertainment failed to pay employees and vendors for at least four weeks prior to its Chapter 11 filing last month.

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