easysurfer
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Instant Pot's parent company files for bankruptcy ...
Every twentysomething’s favorite appliance—the Instant Pot—is ready to blow. The gadget’s parent company, Instant Brands, filed for Chapter 11 Bankruptcy in Texas Monday.
“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,” said Instant Brands president and CEO Ben Gadbois in a press release.
Instant Brands—which is also responsible for Pyrex cookware, CorningWare, Chicago Cutlery, and more—announced the news via press release yesterday, cited rising interest rates and slashed credit as a reason for the filing.
https://gizmodo.com/instant-pot-bankruptcy-pyrex-instant-brands-1850533325Instant Brands’ crown jewel is the Instant Pot, a pressure cooker/slow cooker/steamer/rice maker jack of all trades, master of none. The appliance is wildly popular amongst millenials and Gen Z as a convenient way to make “lazy mom meals” and cheap dump dinners all in one pot—which makes the bankruptcy filing even more baffling.
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