Instant Brands, Creator of Popular Kitchen Appliances, Declares Bankruptcy.
Originally Published 2 years ago — by CNN
Instant Brands, the maker of popular household products such as Instant Pot, Pyrex, and Corelle, has filed for Chapter 11 bankruptcy. The company cited tighter credit and higher interest rates as the reasons for the filing, but also noted its rapid growth since the start of the pandemic. The bankruptcy filing allows the company to reorganize and shed debt while staying in business. Instant Brands has received $132.5 million in additional financing from its existing lenders as part of the bankruptcy process.