Instant Brands, the maker of Instant Pot pressure cooker and Pyrex glassware, declared bankruptcy on June 12 amid sales decline.
The company filed for Chapter 11 bankruptcy with the U.S. Bankruptcy Court in the Southern District of Texas. Chapter 11 bankruptcy allows for a reorganization of the company rather than its liquidation in a Chapter 7 filing.
Instant Brands—which is also responsible for Pyrex cookware, CorningWare, Chicago Cutlery, and more—cited rising interest rates and tighter credit as contributing factors for the filing.
“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 Ben Gadbois, president and CEO of Instant Brands, in a statement….