Hen Soup for the Soul Leisure, recognized for its uplifting books and various media ventures, together with Redbox, has been coping with vital monetary challenges. Regardless of its optimistic ethos, constructive pondering wasn’t sufficient to maintain the corporate from submitting for Chapter 11 chapter safety final week in Delaware.
As reported by CBS information, the corporate had in depth money owed nearing $1 billion owed to over 500 collectors, together with main leisure corporations and retailers.
The corporate’s monetary struggles mirror its bold growth past publishing. Based in 1993 by motivational audio system Jack Canfield and Mark Victor Hansen, their debut guide, “Hen Soup for the Soul”, was a compilation of inspirational, true tales, that resonated deeply with audiences. This success spawned quite a few titles tailor-made to particular demographics, resembling ‘Hen Soup for the Teenage Soul,’ a best-seller upon its 1997 launch.
Within the early 2000s, the corporate diversified into advertisement-supported video-on-demand providers, together with Crackle and Popcornflix, as reported by Enterprise Insider.
Nevertheless, regardless of substantial income progress following its 2017 IPO, highlighted by the acquisition of Redbox, the corporate has confronted mounting losses and declining inventory worth, elevating doubts over the previous couple of years about its future viability.
The indicators that this transfer was coming had been crystal clear. Earlier in June, Hen Soup for the Soul Leisure dropped its total board of administrators besides one, chairman and CEO Invoice Rouhana.
An avid guide reader and proud library card holder, Angela is new to the world of e-Readers. She has a background in schooling, emergency response, health, likes to be in nature, touring and exploring. With an honours science diploma in anthropology, Angela additionally studied writing after commencement. She has contributed work to The London Free Press, The Gazette, The Londoner, Greatest Model Media, Lifeliner, and Citymedia.ca.
