Option 1: Fix it yourself. Take apart the CD player section, and look at the laser assembly (also called optical pick-up). There should be a model number written on it. I think it is some version of the Sanyo SF-P101. Make sure you buy one with the correct number of pins on the output cables. These are available for sale on a popular online auction site. Replace the old part with the new one, and see if it works!
Option 2: Sell it to an audiophile and buy a new boombox with the money. It just so happens that this model of boombox is in very high demand with do-it-yourself audiophiles, because of the specific laser assembly used in it. It is supposed to deliver very high quality sound when removed from the boombox and modified in certain ways. For more information about this, search for info on "Shigaclone." If you follow this option, you may be able to find a buyer on www.diyaudio.com.
PeterPaulAndMary, September 2012