Elm trees are some of the most majestic and resilient plants in nature. Their iconic features make them stand out amongst other species as a symbol of strength and fortitude.We link to vendors to help you find releva
22.06.2023 - 13:52 / bhg.com
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The pressure is on for Instant Brands. The maker of the what's become a classic cookware tool, the Instant Pot, announced it was filing for bankruptcy after a series of financial challenges and slowing sales. The Illinois-based company announced on Monday that it initiated a voluntary Chapter 11 process to “strengthen the Company” through a crisis brought on by the economic downturn and global supply chain issues.
«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,” Ben Gadbois, president and CEO of Instant Brands said in a press release. “In particular, tightening of credit terms and higher interest rates impacted our liquidity levels and made our capital structure unsustainable.”
The news of the bankruptcy came as a shock to many, as at least one of the brand's products can be found in 90% of American homes. That number may seem high until you consider that in 2019, a private-equity firm known as Cornell Capital bought Instant Brands and merged it with Corelle Brands, a conglomerate of iconic brands like CorningWare, Chicago Cutlery, and—most notably—Pyrex. Pyrex, of course, has a long history in kitchens worldwide: Their heat-resistant glass bakeware has been around for over 100 years and is known for being passed from generation to generation.
Instant Pot, on the other hand, was launched only just over a decade ago in 2010. The multicooker's popularity quickly soared via word-of-mouth and online shopping—especially through events like Amazon Prime Day. In 2017, Instant Brands sold 215,000 7-in-1 Multicookers through Amazon Prime Day deals, and in
Elm trees are some of the most majestic and resilient plants in nature. Their iconic features make them stand out amongst other species as a symbol of strength and fortitude.We link to vendors to help you find releva
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