Instant Pot Maker Files for Bankruptcy Amid Declining Sales

Instant Brands, the parent company of Instant Pot, has filed for Chapter 11 bankruptcy citing tight credit, high interest rates, declining sales, and rising costs.
Sales of Instant Pots have declined by up to 50% since the start of the pandemic as pandemic cooking fatigue sets in and air fryers become popular.
The company has secured $132.5 million in financing to continue operating during the bankruptcy process.
The company expects to continue putting products on shelves, including Instant Pot, Corelle, CorningWare, and Pyrex brands.
The bankruptcy filing impacts only Instant Brands' U.S. and Canadian operations.