Redbox owner Chicken Soup for the Soul files for Chapter 11 bankruptcy protection

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NEW YORK -- Chicken Soup for the Soul Entertainment, the parent of DVD rental operator Redbox, has filed for Chapter 11 bankruptcy protection.

The bankruptcy filing comes after months of a series of financial struggles for the company and piling unpaid bills. Chicken Soup for the Soul has accumulated nearly $1 billion in debt, the Chapter 11 filing submitted Friday in Delaware bankruptcy court shows, after reporting loss after loss over recent quarters.

The filing also discloses that Chicken Soup for the Soul owes millions to over 500 creditors — which range from big names in the entertainment world like Sony Pictures and Warner Bros, to major retailers like Walgreens and Walmart.

As of March of this year, Friday’s filing shows, Chicken Soup for the Soul had about $414 million in assets and $970 million in debts. Shares for the public company have fallen more than 90% over the last year.

Connecticut-based Chicken Soup for the Soul declined to comment when reached by The Associated Press Monday. In court documents, the company said that its lenders were unwilling to cooperate with refinancing.

Chicken Soup for the Soul acquired Redbox in 2022. At the time, the company billed the merger as the start of an entertainment conglomerate set to reach consumers across mediums and boost revenue, but losses continued to pile up. The acquisition also included the assumption Redbox's reported $325 million in debt.

Redbox, founded in 2002, is best known for red-colored, self-serve machines that sit outside of pharmacies or groceries stores to rent or sell DVDs. In Friday's filing, Chicken Soup for the Soul noted that it currently operates about 27,000 kiosks across the U.S. — down from 36,000 at the Redbox acquisition was finalized in August 2022.

Chicken Soup for the Soul also operates ad-supported streaming and video on-demand offerings. That includes Redbox Live TV and Crackle, a streamer that Chicken Soup for the Soul acquired from Sony.

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Redbox owner Chicken Soup for the Soul files for Chapter 11 bankruptcy protection
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July 02, 2024 at 02:11AM

SZA shows off gymnastics skills in a friendly handstand contest with Simone Biles

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LOS ANGELES -- SZA might be known for hit songs like “Kill Bill” and “Snooze," but the R&B star unveiled another impressive skill beyond music that drew high praise from gymnastics superstar Simone Biles.

The multiple Grammy winner showed off her nimble athletic abilities during a friendly handstand contest with Biles during an NBC promo spot released Monday. It was the first meeting between SZA and Biles, who secured her third trip to the Olympics after her victory at the U.S. trials Sunday night.

In the two-minute video, SZA met Biles at the gymnast's family-owned World Champions Centre training facility in Spring, Texas. As both stretched, Biles asked SZA about pivoting from gymnastics to music, the latter of which the singer called her “hidden talent.”

“When it was clear to me that I wasn't going to be a national gymnast, I was like ‘OK, let me see what else I can do and be good at,’” said SZA, who won three Grammys this year. The singer was heavily involved in gymnastics for more than a decade before she reached music stardom.

“I needed something I could be competitive at,” SZA continued.

When SZA went into her handstand, Biles thought she was practicing until the singer firmly held her stance for a few seconds.

“Oh, she's practicing. Wait, that's good,” said Biles, who applauded SZA's skills with excitement.

Both then went into their handstands at the same time. After around 15 seconds, Biles' feet dropped first to the mat, first making SZA the winner.

“That was so good,” said Biles, the most decorated gymnast in history.

SZA added: “That was so difficult.”

The video is one of the latest from NBC, which has inserted more pop culture into the network's coverage heading into the Paris Olympics that begins July 26. Some of the previous promo spots have included Cardi B, Sha’Carri Richardson, Lily Collins and Noah Lyles.

“SZA and Simone’s mutual admiration for each other’s talents provide a preview of the incredible competition in store at the Paris Olympics,” said Joseph Lee, senior vice president of creative marketing, sports and entertainment at NBCUniversal. “Their shared joy in being together shows the cultural excitement we will experience as we watch these athletes compete.”

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More AP coverage of the Paris Olympics: https://apnews.com/hub/2024-paris-olympic-games

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SZA shows off gymnastics skills in a friendly handstand contest with Simone Biles
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July 01, 2024 at 09:11PM