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Top related persons:
Ben Gadbois - 2 it's - 1 — - 1 Pyrex kitchenware - 1 Davis Polk - 1 Jonathan Stempel - 1 Bill Berkrot - 1
Top related locs:
New York Southern District Southern District of Texas Downers Grove , Illinois United States Canada Chicago U.S
Top related orgs:
Instant Brands - 3 Brands - 3 Cornell Capital - 2 Southern District of - 2 Cornell Capital LLC - 2 Service - 1 Corelle Brands - 1 NPD Group - 1

Search resuls for: "Cornell Capital"


5 mentions found


☆ Instant Pot was once the hot new kitchen gadget. Now it's filed for bankruptcy.
  + stars: | 2023-06-14 | by ( Morning Brew | ) www.businessinsider.com   time to read: +3 min
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
☆ Pyrex, Instant Pot maker files for bankruptcy as sales fall
  + stars: | 2023-06-13 | by ( ) www.cnbc.com   time to read: +1 min
Instant Pot multicookers for sale at Bloomingdale's Inc. flagship department store in New York, U.S., on Wednesday, Oct. 21, 2020. Instant Brands, the maker of Pyrex glassware and Instant Pot pressure cookers, has filed for bankruptcy, saying high-interest rates, tighter credit conditions and falling consumer demand made its debt load unsustainable. Instant Brands, whose products also include Corningware, said it plans to keep operating while it restructures, and toward that end has lined up $132.5 million in financing. The Downers Grove, Illinois-based company has more than 1,800 employees, over half of whom are unionized. Entities located outside the United States and Canada are not seeking court protection.
Organizations: Bloomingdale's Inc, Instant Brands, Cornell Capital LLC Locations: New York, U.S, Houston, Downers Grove , Illinois, United States, Canada
☆ Instant Brands, maker of Instant Pot and Pyrex, files for bankruptcy
  + stars: | 2023-06-13 | by ( Chris Isidore | ) edition.cnn.com   time to read: +1 min
New York CNN —Instant Brands, the maker of Instant Pot, Corelle, and Pyrex, among other products, has filed for bankruptcy. The Chapter 11 bankruptcy filing, which allows for a reorganization of the company rather than its disappearance in a Chapter 7 filing, came on Monday. Instant Brands was purchased by private equity firm Cornell Capital in 2017. While some of its products, such as Pyrex and CorningWare are long established brands — Pyrex is 108 years old, and CorningWare is 65 — Instant Pot was only launched in 2010. The filing grants Instant Brands the “time and flexibility to continue ongoing discussions with all of its financial stakeholders,” according to a statement announcing the filing.
Organizations: New, New York CNN, Brands, Cornell Capital, General Motors Locations: New York
☆ Pyrex kitchenware maker files for Chapter 11 bankruptcy
  + stars: | 2023-06-12 | by ( Jonathan Stempel | ) www.reuters.com   time to read: +1 min
June 12 (Reuters) - Instant Brands, the maker of Pyrex kitchenware, filed for bankruptcy on Monday, saying it had too much debt to withstand rising interest rates and tighter credit conditions. Instant Brands said it plans to keep operating while it restructures, and toward that end has lined up $132.5 million in financing. "Tightening of credit terms and higher interest rates impacted our liquidity levels and made our capital structure unsustainable," Chief Executive Ben Gadbois said in s statement. Instant Brands' portfolio also includes products such as Instant Pot pressure cookers and Corningware. The case is In re: Instant Brands Acquisition Holdings Inc, U.S. Bankruptcy Court, Southern District of Texas, No.
Persons: Pyrex kitchenware, Ben Gadbois, Davis Polk, Jonathan Stempel, Bill Berkrot Organizations: Brands, Cornell Capital LLC, Instant Brands, Federal Trade Commission, Holdings Inc, Bankruptcy, Southern District of, bk, Thomson Locations: Texas, United States, Canada, Downers Grove , Illinois, USA, China, Southern District, Southern District of Texas, New York
☆ Pyrex maker settles over false 'Made in USA' claims
  + stars: | 2023-01-18 | by ( Jonathan Stempel | ) www.reuters.com   time to read: +1 min
Jan 18 (Reuters) - The maker of Pyrex kitchenware agreed to pay a fine and change its marketing practices to settle U.S. claims that it falsely advertised its popular glass measuring cups as "Made in USA" while importing some of them from China. Instant Brands LLC did not admit or deny wrongdoing in Wednesday's settlement with the Federal Trade Commission, which approved it by a 4-0 vote. Despite the shift, Instant Brands marketed the Chinese-made cups as "Made in USA" and as "American as Apple Pie" though the cups were marked "Made in China," the FTC said. Instant Brands did not immediately respond to requests for comment. In 2021, the FTC adopted a "Made in USA Labeling Rule" to protect businesses and consumers from what it called "rampant" fraud by marketers over their products' origins.
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