Kitchenware giant Instant Brands declared bankruptcy this week as demand for appliances, including its cornerstone product, the Instant Pot, have fallen like a collapsed soufflé.
Kitchenware giant Instant Brands declared bankruptcy this week as demand for appliances, including its cornerstone product, the Instant Pot, have fallen like a collapsed soufflé.for Chapter 11 protection on Monday in the Southern District of Texas. Instant Brands, which also makes Pyrex glassware and CorningWare, listed between $500 million and $1 billion in liabilities and assets.
Instant Brands will continue operating as usual during the bankruptcy process with help from $132.5 million in new financing. However, the company now finds itself in a much different financial position than it enjoyed almost 15 years ago. A"tightening of credit terms and higher interest rates" has weakened Instant Brands' finances, CEO Ben Gadbois said in aMuch of Instant Brands' success came by selling its electric pressure cooker, which has become a staple in kitchens nationwide. Engineer Robert Wang invented the Instant Pot in 2009 and the product becamesoon after. The appliance is known for being sturdy and versatile enough to roast a chicken or steam dumplings.
"We believe that the Instant Pot product is going to be around for a long, long, long time," but"no product stays at a phenom level forever," Instant Brands CEO Ben Gadbois told the Wall Street Journal.Diehard fans notwithstanding, consumer demand for the pressure cooker appears to have lost steam over the years.
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