Overview
- iRobot and several subsidiaries began a voluntary U.S. Chapter 11 process tied to a restructuring with Shenzhen Picea Robotics and affiliate Santrum Hong Kong.
- The agreement transfers 100% of iRobot’s equity to Picea and would make the company private with its shares removed from Nasdaq.
- The company says it will keep operating during the proceedings and targets completion of the reorganization by February 2026.
- Leadership frames the deal as a way to bolster finances, cut debt, and fund innovation, with CEO Gary Cohen calling the step a crucial milestone.
- The move follows heavy losses, deep workforce cuts, and the collapse of Amazon’s 2024 purchase plan after EU competition concerns, alongside pressure from cheaper rivals and supply issues.