According to a filing with the U.S. Bankruptcy Court for the Southern District of Texas this week, Instant Brands has more than $500-million in both assets and liabilities
The maker of Pyrex glassware and Instant Pot has filed for Chapter 11 bankruptcy protection as the company that was already struggling is stung by inflation, with Americans pulling back on spending.
And Instant Pots, which became a must-have gadget several years ago, have been disappearing from kitchens. Just last week, S&P Global downgraded the company’s rating due to lower consumer spending on discretionary categories and warned that ratings could fall again if Instant Brands seeks bankruptcy protection.
Ben Gadbois, CEO and president of Instant Brands, said the company managed its way through the COVID-19 pandemic and global supply chain issues, but has run short of cash.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The company that makes the Instant Pot and Pyrex cookware is filing for bankruptcy | CBC NewsThe company that makes kitchen staples like CorningWare, Pyrex and the Instant Pot has entered bankruptcy proceedings in the U.S. and Canada.
Read more »
10 killed in Australia after wedding bus rolls, according to police and media reportsTen people were killed in Australia when a bus carrying a group of about 40 returning wedding guests rolled overnight in the heart of wine country, according to police and media reports Monday.
Read more »
Silvio Berlusconi, scandal-scarred ex-Italian leader, dies at 86, according to his TV networkSilvio Berlusconi, the boastful billionaire media mogul who was Italy's longest-serving premier despite scandals over his sex-fueled parties and allegations of corruption, died Monday, according to his television network. He was 86.
Read more »
Silvio Berlusconi, scandal-scarred ex-Italian leader, dies at 86, according to his TV networkHe was hospitalized recently, for the second time in months, for treatment of chronic leukemia, according to reports.
Read more »
Silvio Berlusconi, scandal-scarred ex-Italian leader, dies at 86, according to his TV networkThe billionaire media mogul had been admitted to San Raffaele Hospital, where he was being treated for chronic leukemia.
Read more »
Silvio Berlusconi, scandal-scarred ex-Italian leader, dies at 86, according to his TV networkMILAN (AP) — Silvio Berlusconi, the boastful billionaire media mogul who was Italy’s longest\u002Dserving premier despite scandals over his sex\u002Dfueled parties and…
Read more »