Instant Pot and Pyrex maker files for bankruptcy protection.

Instant Brands, the parent company of popular kitchenware brand Instant Pot, has filed for Chapter 11 bankruptcy protection due to persistent inflationary pressures that have curtailed consumer spending. Sales of electronic multicooker devices, including Instant Pots, have fallen 50% since the beginning of the pandemic. The company has received a commitment for $132.5 million in new debtor-in-possession financing from its existing lenders. Instant Brands' entities located outside the U.S. and Canada are not included in the Chapter 11 filings.