BUSINESS

The Instant Pot Files For Bankruptcy

Instant Brands, the maker of Instant Pot, Pyrex, Corelle, and other kitchen products, filed for Chapter 11 bankruptcy protection less than a week ago.

The company, however, has vowed to continue sales.

President and Chief executive of Instant Brands, Ben Gadbois, said, “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.”

“In particular, tightening of credit terms and higher interest rates impacted our liquidity levels and made our capital structure unsustainable,” Mr. Gadbois said.

The company said it has secured $132.5 million in additional financing from its existing lenders and plans to keep operating while it restructures.

In 2019, Instant Brands was acquired by Cornell Capital and unceremoniously merged with Corelle Brands, a housewares company that includes Pyrex.

Instant Pot gained popularity through word-of-mouth, social media, and online communities, where users shared recipes and tips.

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Readers Bureau, Contributor

 Edited by Jesus Chan

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