The Instant Pot has been one of the most important kitchen gadgets of the past decade, but that hasn’t prevented financial turmoil at its parent company. Instant Brands has filed for Chapter 11 bankruptcy in the US citing worldwide “macroeconomic and geopolitical challenges” that include higher interest rates and tighter credit. While the company says it endured the pandemic and the ensuing supply chain problems, these latest problems proved to be too much.
Instant Brands still expects to put products on shelves, including Instant Pot as well as sibling brands like Corelle, CorningWare and Pyrex. It also received a promise of $132.5 million in financing to pay creditors while it works through the bankruptcy process. The court still has to approve the financing.
The Instant Pot range first launched in 2010 with a simple strategy: it combined a pressure cooker with many other functions (such as sauté and a steamer) in one device. It’s particularly appealing if you want a quick meal that doesn’t involve a microwave. Despite a lack of advertising, it developed a cult-like fan base and became synonymous with modern kitchens. That translated to surging demand — the lineup dominated Amazon’s Prime Day sales for years starting in 2016.
This isn’t the end for Instant Brands. As with other companies’ Chapter 11 filings, it’s a chance for the firm to get its financial affairs in order and (ideally) ensure its long-term health. However, this is a reminder that success in tech doesn’t last forever, even for kitchen hardware.
This story originally appeared on Engadget
