Instant Brands, Maker of Pyrex and Instant Pot, Files for Chapter 11 Bankruptcy.
TL;DR
Instant Brands, the maker of Pyrex glassware and Instant Pot, has filed for Chapter 11 bankruptcy protection due to inflation and lower consumer spending on home products. The company has more than $500 million in both assets and liabilities. Sales of Instant Pots have declined 50% since the start of the pandemic, and the company's net sales decreased 21.9% in the first quarter of fiscal 2023. Instant Brands has received a commitment for $132.5 million in new debtor-in-possession financing from its existing lenders.
- Maker of Pyrex glassware and Instant Pot files for Chapter 11 bankruptcy Chicago Tribune
- Instant Brands, maker of Instant Pot and Pyrex, files for bankruptcy CNN
- Maker of Pyrex, Instant Pot declares bankruptcy amid declining sales The Washington Post
- In the bid to grow at all costs, Instant Pot is cooking itself The Verge
- Instant Brands Takes Action to Strengthen Financial Position and Support Long-Term Growth PR Newswire
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