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.
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