Turns out, even the best one-pot pressure-cooking wonder couldn't cook up a recipe to avoid bankruptcy – Instant Brands, the maker of the Instant Pot, and other brands like Pyrex cookware and CorningWare, has filed for Chapter 11 in Texas.
"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," said CEO Ben Gadbois in a press release.
The company has sought approval for $132.5 million in financing to pay off its remaining creditors during the bankruptcy process.
