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Instant Pot's Parent Company Files for Bankruptcy

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Feeling the Pressure: Instant Pot's Parent Company Files for Bankruptcy

“After successfully navigating the COVID-19 pandemic and the global supply chain crisis, we continue to face additional global macroeconomic and geopolitical challenges that have affected our business,” said Instant Brands president and CEO Ben Gadbois in a press release.Instant Brands—which is also responsible for Pyrex cookware, CorningWare, Chicago Cutlery, and more—announced the news via press release yesterday, cited rising interest rates and slashed credit as a reason for the filing.

The company announced the news via press release yesterday, and further disclosed that it is seeking $132.5 million in financing which, if approved by the court, will help the company pay off its remaining creditors whil“In particular, tightening of credit terms and higher interest rates impacted our liquidity levels and made our capital structure unsustainable,” said Gadbois.

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