News Formal

Instant Brands, maker of Instant Pot and Pyrex, files for bankruptcy | CNN Business

  • 📰 CNN
  • ⏱ Reading Time:
  • 20 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 95%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

Instant Brands, the maker of Instant Pot, Corelle, and Pyrex, among other products, has filed for bankruptcy.

The Chapter 11 bankruptcy filing came on Monday. Chapter 11 bankruptcy allows for a reorganization of the company, rather than its liquidation in a Chapter 7 filing, The company blamed tighter credit and higher interest rates as contributing factors in the filing. But the company added that it has seen rapid growth since the start of the pandemic, entering several new product categories and expanding its global footprint.

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 company said that at least one of its products can be found in 90% of US homes. The bankruptcy filing under Chapter 11 allows a company to stay in business as it sheds debt and other costs it cannot afford.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Instant Pot parent company files for bankruptcy | EngadgetInstant Pot's parent company, Instant Brands, has declared bankruptcy..
Source: engadget - 🏆 276. / 63 Read more »

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.
Source: Gizmodo - 🏆 556. / 51 Read more »