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For the cake: Preheat the oven to 350 degrees F. Line a 9-by-5-inch loaf pan with parchment, allowing it to hang over the sides. Spray the parchment with baking spray and set aside.
In a large bowl, combine the cake mix, milk, melted butter and eggs until smooth. Fold in the chocolate chunks. Add the batter to the prepared loaf pan. Place the loaf pan on a sheet pan and bake until a cake tester comes out clean, 40 to 45 minutes. Let cool slightly before removing it from the cake pan, then allow the cake to cool completely, about an hour.
For the cherry glaze: Mix the powdered sugar, preserves and milk until thoroughly combined; it should be thick but pourable. Add the food coloring and mix through. Pour the icing over the cake, allowing it to drip down the sides. Sprinkle over the mini chocolate chips. Slice and serve.
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