Instant Pot parent company files for bankruptcy
for Chapter 11 bankruptcy in the US citing worldwide"macroeconomic and geopolitical challenges" that include higher interest rates and tighter credit. While the company says it endured the pandemic and the ensuing supply chain problems, these latest problems proved to be too much.
Instant Brands still expects to put products on shelves, including Instant Pot as well as sibling brands like Corelle, CorningWare and Pyrex. It also received a promise of $132.5 million in financing to pay creditors while it works through the bankruptcy process. The court still has to approve the financing.
The Instant Pot range first launched in 2010 with a simple strategy: it combined a pressure cooker with many other functions in one device. It's particularly appealing if you want a quick meal that doesn't involve a microwave. Despite a lack of advertising, it developed a cult-like fan base and became synonymous with modern kitchens. That translated to surging demand — the lineup dominated Amazon's Prime Day sales for years starting in 2016.
This isn't the end for Instant Brands. As with other companies' Chapter 11 filings, it's a chance for the firm to get its financial affairs in order and ensure its long-term health. However, this is a reminder that success in tech
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Instant Pot's Parent Company Files for BankruptcyThe popular gadget's parent company Instant Brands is also responsible for Pyrex cookware, CorningWare, and Chicago Cutlery.
Read more »
Instant Pot maker seeks bankruptcy protection as sales go coldAccording to a filing with the U.S. Bankruptcy Court for the Southern District of Texas this week, Instant Brands, based outside of Chicago, has more than $500 million in both assets and liabilities.
Read more »
Instant Pot maker seeks bankruptcy protection as sales go coldInstant Pots, which became a must-have gadget several years ago, have been disappearing from kitchens.
Read more »
Lightroom Mobile 'Instant Access' Eliminates Need to Import PhotosAdobe has updated Lightroom Mobile with a new feature that lets photographers edit and share their images even faster.
Read more »