Instant Pot's parent company files for bankruptcy

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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.
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Instant 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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https://gizmodo.com/instant-pot-bankruptcy-pyrex-instant-brands-1850533325
 
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Uh oh!

I hope mine lasts a long time.

Not just instant pots - several long time household brands:
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. The company announced the news via press release yesterday, and further disclosed that it is seeking $132.5 million in financing which, if approved by the court, will help the company pay off its remaining creditors while weather the bankruptcy process.
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I thought about picking up a Pyrex measuring cup a couple of months ago.

It was like $16 or more and you had to buy two of them at Amazon!

Maybe sales are down because of pricing.
 
Surprising. Hope Instant Pot doesn't end up going the way of The Clapper.
 
I'd miss Pyrex and Corning Ware if they disappeared. Never owned and InstantPot; I get turned off when I see something advertised all over the place as a "must-have". No, it isn't. Also turned off by the reports of the occasional fires. I love my cast iron pans!
 
Now maybe we can go back to the 50s-era pressure cooker that mom used only in the basement in case it blew up :)
Instant pots now have all sorts of similar competitors. I like mine especially for chicken (comes out nice and juicy) and it also doubles as a crock pot.
 
I love my Instant Pot, I hope it keeps going for a long time. Growing up my Mom had the stove top one. It was Farberware or Presto. One of the classics. Before I got my Instant Pot I was using a 6 liter Hawkins Futura stovetop one. It worked great. But any of the stovetop ones need you to adjust the flame to get just the right shuck-shuka noise from the valve. The electric ones are just so easy.

I love the design of the Hawkins Futura. I kept it when I got the Instant Pot in case I ever needed it again.
https://www.amazon.com/Hawkins-Futu...02MPQHC6&psc=1&ref_=pd_bap_d_grid_rp_0_1_ec_i
 
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Sorry to hear this!
 
I never got an insta pot, but those other brands have been around for decades. Pyrex, Corning, Chicago, etc.

Looks like a bankruptcy for credit protection and investment attraction vs. a folding up. For the $138mil they want, someone will come along.
 
looks like its been bankrupt and bought and sold a few times.
Corning sold to world kitchen , then world kitchen to Borden then to a invertor group.
i know a few who have retired from the plant.
 
I never got an Instant Pot either but thought about it and did a little searching for competitors. I remember products from Ninja (maybe?). I didn’t buy anything but did get an air fryer from Cuisinart. I’m pretty stingy with counter space.
 
I find it fascinating that brand names are traded like poker chips for housewares and processed food brands.

The product you loved as a child has possibly traded hands 5 or more times through outright sales of the brand, or ownership changes.

Eg: Log Cabin Syrup: Independent--> General Foods--> Kraft GF--> Aurora--> Pinnacle--> ConAgra
 
I think we need to put this in perspective. First of all, it's chapter 11, not 7.

I know nothing about this company. I knew Corning was a respected company with a long history in all kinds of glass products. The fact that they're now just part of a company named after the Instant Pot makes me speculate about how they got there.

The Instant Pot became a fad. Their manufacturer was riding high. They bought a bunch of other brands. The fad started to fizzle as other brands of easy-to-use pressure cookers, air fryers and similar gadgets began to hit the market. Maybe they grew too fast. Maybe they failed to consider that they're in a fashion industry and fads come and go. Maybe greed and leverage were factors.

Of course I'm only guessing here, but the pattern is familiar.

The other brands like Pyrex and Corningware are still popular. They will find a home, either through restructuring of Instant Brands or being sold to other companies. The IP still has a strong following. It, too, will continue.

Stockholders will be the loser here. I wonder how many golden parachutes are being deployed right now? Whatever turns out to be the root cause, I doubt the executives responsible will suffer much.
 
I'd love to see a case study of how this happened. As someone with no business training or acumen it's fascinating to me that a company full of well known, highly regarded brands can get to this point. I'm sure they made some poor decisions along the way (blaming it on Covid is so passe) and I'd love to know what they were.
 
JoeWras said:
GoPro

FitBit
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Who acquired GoPro?

Fitbit was acquired by Google, as they made a belated effort with watches and wearables.

Corning produced Gorilla Glass, which some smartphones used.

But I think they priced themselves out of most phones now.
 
Since we live at elevation, the IP is great for making things like rice. I'm sure a different pressure cooker would be fine, but we've gone through the learning curve on the IP.
 
I don't have an IP but is it automated, like automatic timer shutoff or maybe if it reaches a certain temp?

Or does it adjust to elevation for cooking times?

About the only "smart" kitchen appliance I have is a convection oven that preheats to a certain temperature and beeps to let you know and then you can bake for a specific time, so you don't ever burn anything unless you set a crazy timer.

That and a pretty inexpensive 4 or 5 quart air fryer which is great, again all controlled by timer, with settings for different types of foods.

I know some of these things link to an app you can use to control and monitor them too.
 
It’s hard to imagine that Pyrex will not be absorbed by another company as part of the bankruptcy process. The name and its products have to worth a bundle. The people who IP owes money to are not going to let it simply disappear into the outer darkness. That’s had to imagine.
 
JoeWras said:
I find it fascinating that brand names are traded like poker chips for housewares and processed food brands.

The product you loved as a child has possibly traded hands 5 or more times through outright sales of the brand, or ownership changes.

Eg: Log Cabin Syrup: Independent--> General Foods--> Kraft GF--> Aurora--> Pinnacle--> ConAgra
Click to expand...

Yep, pretty much.

International conglomerates.
 
explanade said:
Who acquired GoPro?
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Nobody. They just had a really good blast at the beginning and eventually saturated out. Their attempt to expand into other markets has not gone very well (example: drones).

Hence, their stock price is now $4.24 compared to a high of $87 in 2014.
 
Dumb aside. Back when I was growing up, everyone knew if you needed "Instant Pot," you visited a neighborhood guy named Bill Green. :LOL:
 
Hmmm I’ve really been interested in a GoPro, but haven’t been on the kind of trip I’d use it yet (snorkeling).
 
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