Instant Pot was a kitchen gadget darling, but it's now gone cold.
Now, the parent company of Instant Pot is declaring bankruptcy to get its finances in order.
Its parent company, Instant Brands, which also owns Pyrex and CorningWare, filed for Chapter 11 bankruptcy Monday to get its battered finances in order.
The group ramped up hiring and pushed Instant Brands to come out with new gadgets, like air fryers and an air purifier (which flopped).
Instant Brands, whose labels also include Corelle, Snapware, CorningWare, Visions and Chicago Cutlery, said it has received a commitment for new financing from its existing lenders.
Persons:
it's, —, Ben Gadbois
Organizations:
Service, Instant Brands, Cornell Capital, Corelle Brands, Brands, NPD Group, US, Court, Southern, Southern District of, Associated Press
Locations:
Southern District, Southern District of Texas, Chicago