Hen Soup for the Soul Leisure, the mother or father firm of the film rental firm Redbox, which is understood for its distinctive pink kiosks, filed for Chapter 11 chapter safety on Friday.
Within the submitting, Hen Soup listed money owed of about $970 million, and whole property of about $414 million. It owes hundreds of thousands to leisure and media firms, together with Common Studios, Sony Photos and BBC Studios Americas, in addition to some retailers, resembling Walgreens and Walmart, in accordance with courtroom filings.
Hen Soup for the Soul was based in 1993 by two motivational audio system, Jack Canfield and Mark Victor Hansen. The corporate’s inspirational guide sequence, with titles like “From Lemons to Lemonade” and “Angels Amongst Us,” comprises collections of tales for particular audiences, for instance new moms or cat lovers.
Its unique guide, revealed greater than 30 years in the past, allotted life recommendation and tales of overcoming obstacles with the hope that it might heal readers’ souls simply as “hen soup has a therapeutic impact on the physique of the in poor health.”
The corporate, which has revealed greater than 300 titles, has offered greater than 500 million copies worldwide.
Hen Soup for the Soul Leisure is separate from its book-publishing arm, which is unaffected by the chapter submitting. It was not instantly clear whether or not the Chapter 11 submitting would have an effect on the Redbox operation. The corporate declined to touch upon Sunday.
In 2022, Hen Soup for the Soul Leisure acquired Redbox, a enterprise based in 2002 and acknowledged for its vivid pink DVD rental kiosks outdoors supermarkets and pharmacies. Redbox has about 27,000 kiosks throughout the US.
William J. Rouhana Jr. turned the corporate’s chief govt in 2008 and ran the corporate along with his spouse, Amy Newmark, the writer and editor in chief of the guide division.
Mr. Rouhana tried to broaden the corporate into completely different merchandise, together with a line of soups, which in the end failed. He based the leisure division of Hen Soup for the Soul in 2016.
The corporate requested aid to pay its workers, which it has been unable to do “for the two-week interval ending on June 14, 2024.” Hen Soup for the Soul Leisure has about 1,000 full- and part-time staff.
The corporate reported $636 million in internet revenue loss in 2023, in contrast with $111 million in 2022, in accordance with a submitting with the U.S. Securities and Alternate Fee. On the time that Hen Soup for the Soul acquired Redbox, the film rental firm had greater than $300 million in debt.
