Instant Pot? Instant NOT!! Instant Brands, the maker of kitchen appliances known for its Instant Pot cooker, filed for bankruptcy Monday after succumbing to financial pressure made worse as consumers slowed their discretionary spending to cope with inflation.
In addition to Instant Brands, 14 of its affiliated companies also filed for Chapter 11, including the companies that sell Pyrex, Corelle, Corningware & Chicago Cutlery (we have all of these!!)
Among its initial requests to the Court, Instant Brands sought approval of $125MM in postpetition financing which will leap frog ahead of its current debt.
Instant Brands also sought permission to pay its so called, “critical vendors” $22MM in prepetition amounts owed to them, in order to encourage these vendors to continue to do business with them, similar to the fight presently going on in my own South Florida backyard with Invicta Watches.
How will this all “pan out”? Continue to keep track of the Landau Law bankruptcy gossip page to find out!!
