Instant Pot maker seeks bankruptcy protection as sales go cold – Gist It

Instant Pot maker seeks bankruptcy protection as sales go cold

Instant Brands, the maker of Instant Pot and Pyrex glassware, has filed for Chapter 11 bankruptcy protection as sales decline and inflation impacts consumers.

Filing details: The company, based outside of Chicago, has more than $500 million in both assets and liabilities, according to the filing with the U.S. Bankruptcy Court for the Southern District of Texas.
* Inflation and shifting consumer spending habits have contributed to the company’s financial struggles.

Sales decline: Sales of “electronic multicooker devices,” most of which are Instant Pots, reached $758 million in 2020, but fell 50% by last year, to $344 million.
* Dollar and unit sales have further declined 20% from last year in the period ending in April.

CEO’s statement: Ben Gadbois, CEO and president of Instant Brands, said that tightening credit terms and higher interest rates have impacted the company’s liquidity levels and made its capital structure unsustainable.
* Instant Brands has received a commitment for $132.5 million in new debtor-in-possession financing from its existing lenders.

View original article on NPR

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