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Instant Brands

All articles tagged with #instant brands

technology2 years ago•3 min saved

"Top Air Fryer Deals: Discounts on Omni Plus, Digital, and Tower Models for Prime Big Deal Days"

The Instant Omni Plus Air Fryer Toaster Oven, currently $50 off on Amazon, is highly recommended for its versatile cooking functions, including air frying, baking, roasting, and toasting. With dishwasher-safe accessories and easy cleaning, it offers convenience and efficiency. Its compact size makes it suitable for various spaces, and it has received rave reviews from customers. The toaster oven's 10 cooking techniques, intuitive control panel, and clear instructions make it a top choice for those looking to replace multiple appliances. Grab this highly-rated toaster oven at a discounted price before it sells out.

via Food & Wine|

#air-fryer #cooking-appliances #instant-brands

business2 years ago•2 min saved

Bankruptcy Hits Popular Kitchen Brands and Private Equity Firms Turn to It for Higher Yields

Instant Brands, the parent company of iconic kitchen brands such as Pyrex and CorningWare, has filed for Chapter 11 bankruptcy protection due to ongoing impacts of COVID-19. Vintage pieces of CorningWare are selling for thousands of dollars on eBay, making them a hot resale commodity. Instant Brands will secure $132.5 million in funding to restructure instead of liquidating its business altogether. Other beloved kitchen brands, such as Tupperware, are also facing economic uncertainty.

via Apartment Therapy|

#bankruptcy #business #corningware

business2 years ago•4 min saved

Instant Brands, Maker of Instant Pot and Pyrex, Declares Bankruptcy.

Instant Brands, the maker of the popular kitchen appliance Instant Pot, has filed for Chapter 11 bankruptcy after struggling to attract new customers following a surge in sales during the pandemic. The move will secure $132.5 million in funding to allow the company to restructure rather than liquidate its business. Sales of multicookers, including the Instant Pot, declined 20% from April 2022 to April 2023, according to market research company Circana. The company cited global macroeconomic and geopolitical challenges, tightening of credit terms, and higher interest rates as reasons for its unsustainable capital structure.

via The New York Times|

#bankruptcy #business #instant-brands

business2 years ago•1 min saved

Parent Company of Instant Pot and Pyrex Files for Bankruptcy

Instant Brands, the parent company of popular kitchenware brands like Pyrex and Instant Pot, has filed for Chapter 11 bankruptcy protection. The company has over $500 million in both assets and liabilities. The move will give the company "time and flexibility" for ongoing discussions with financial stakeholders to move forward in a way that "strengthens the company’s financial position." The company faces challenges, including "tightening of credit terms and higher interest rates," after weathering the COVID-19 pandemic.

via GMA|

#business #chapter-11-bankruptcy #financial-restructuring

business2 years ago•4 min saved

Instant Pot and Pyrex Maker Files for Bankruptcy Protection.

Instant Brands, the company behind Instant Pot cookers and Pyrex and CorningWare products, has filed for bankruptcy due to a sales slump caused by changing consumer tastes, inflation, and supply chain issues. The company owes $391 million in debt to non-bank firms, which was used to finance the 2019 merger with Pyrex and CorningWare maker World Kitchen. The debt was refinanced in April 2021, with $245 million paid out to shareholders as a dividend. The company's financials for 2020 and 2021 were not disclosed, but Moody's estimated that debt as a multiple of earnings before interest, taxes, depreciation, and amortization would be a manageable 3 times.

via Crain's Chicago Business|

#bankruptcy #business #debt

business2 years ago•1 min saved

Instant Pot and Pyrex parent company files for bankruptcy protection.

Instant Brands, the parent company of Pyrex and Instant Pot, has filed for Chapter 11 bankruptcy protection due to an unsustainable capital structure caused by the COVID-19 pandemic's impact on liquidity levels. The company has over $500 million in both assets and liabilities. Instant Brands received a $132.5 million commitment for new debtor-in-possession financing from its existing lenders to support the business during the process. Sales of electronic multicooker devices, including Instant Pots, peaked at $758 million in 2020 but dropped by 50% within the last year to just $344 million.

via ABC News|

#business #chapter-11-bankruptcy #financial-restructuring

business2 years ago•2 min saved

Instant Pot and Pyrex maker files for bankruptcy due to declining sales.

Instant Brands, the maker of Pyrex glassware and Instant Pot, has filed for Chapter 11 bankruptcy protection due to inflation and decreased consumer spending on home products. Sales of electronic multicooker devices, mostly Instant Pots, have declined by 50% since the start of the pandemic. The company has received a commitment for $132.5 million in new debtor-in-possession financing from its existing lenders.

via NPR|

#bankruptcy #business #consumer-spending

business2 years ago•1 min saved

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.

via Fox Business|

#bankruptcy #business #chapter-11

business2 years ago•2 min saved

Instant Brands, Maker of Pyrex and Instant Pot, Files for Bankruptcy Due to Sales Slump.

Instant Brands, the maker of Pyrex and Instant Pot, has filed for Chapter 11 bankruptcy protection as sales have plunged due to inflation and lower consumer spending on discretionary categories. Sales of electronic multicooker devices, most of which are Instant Pots, reached $758 million in 2020, but sales had plunged 50% by last year, to $344 million. The company has received a commitment for $132.5 million in new debtor-in-possession financing from its existing lenders.

via New York Post |

#bankruptcy #business #consumer-spending

business2 years ago•1 min saved

Instant Brands, Maker of Pyrex and Instant Pot, Files for Chapter 11 Bankruptcy.

Instant Brands, the maker of Pyrex glassware and Instant Pot, has filed for Chapter 11 bankruptcy protection due to inflation and lower consumer spending on home products. The company has more than $500 million in both assets and liabilities. Sales of Instant Pots have declined 50% since the start of the pandemic, and the company's net sales decreased 21.9% in the first quarter of fiscal 2023. Instant Brands has received a commitment for $132.5 million in new debtor-in-possession financing from its existing lenders.

via Chicago Tribune|

#bankruptcy #business #consumer-spending

business2 years ago•2 min saved

Instant Brands, Maker of Instant Pot and Pyrex, Files for Bankruptcy Protection.

Instant Brands, the maker of Pyrex glassware and Instant Pot, has filed for Chapter 11 bankruptcy protection due to inflation and lower consumer spending on discretionary categories. Sales of Instant Pots have been declining since the start of the pandemic, with sales plunging 50% last year. 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.

via ABC News|

#bankruptcy #business #consumer-spending

business2 years ago•1 min saved

Instant Brands, Creator of Popular Kitchen Appliances, Declares Bankruptcy.

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.

via CNN|

#bankruptcy #business #chapter-11