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DVD Rental Kiosks Business Redbox is Shutting Down


DVD kiosk-rental business Redbox is all set to close the shutter. LowPass: The judge overseeing the bankruptcy case of Redbox's corporate parent Chicken Soup for the Soul Entertainment granted the debtors request to convert it from a Chapter 11 bankruptcy to a Chapter 7 bankruptcy, effectively pavin...

DVD kiosk-rental business Redbox is all set to close the shutter. Chicken Soup for the Soul Entertainment's CEO Bart Schwartz, who had only joined the company two weeks ago, stepped down this morning for unrelated reasons, according to the attorney representing the debtors in the case. It is hopelessly insolvent," United States bankruptcy judge Thomas Horan determined during a hearing Wednesday, adding: "Given the fact that there may also be at least the possibility of misappropriation of funds that were held in trust for employees, there is more than ample reason why this case should be converted.

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