Instant Brands - maker of the Instant Pot - files for bankruptcy
Instant Brands - maker of the Instant Pot - files for bankruptcy
Since COVID, company has faced "additional global macroeconomic and geopolitical challenges," CEO Ben Gadbois said.
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Is this one of those cases where everyone who wants one already has one, so they're not selling as many anymore?
I'm thinking probably, yeah. There's always a market of customers who are fitting a kitchen for the first time, but I doubt it's enough to sustain the expectations they built off the launch sales. They have other brands under their wing but I don't think pyrex sales are high enough to subsidize the huge amount of licensed re-skins instant pot has been putting out to, as you put it best, people who already own instant pots.