Are Instant Pots About To Disappear?
We hate to break it to you, but we've got bad news for your Instant Pot chicken noodle soup and hardy Instant Pot chili, and other recipes made using the nifty kitchen gadget. Unfortunately, it looks like the Instant Pot's days could soon be numbered.
The grim news comes as Instant Brands, the maker of Instant Pot, filed for bankruptcy this week. As if a world without Instant Pots wasn't already enough of a low blow, Instant Brands are also the makers of Pyrex, Corelle, Snapware, and a handful of other brands.
The decision to file was fueled by limited access to credit and higher interest rates.
"After successfully navigating the COVID-19 pandemic and the global supply chain crisis, we continue to face additional global macroeconomic and geopolitical challenges that have affected our business," said Ben Gadbois, President and CEO of Instant Brands, in a statement. "In particular, tightening of credit terms and higher interest rates impacted our liquidity levels and made our capital structure unsustainable. In recent months, we have been working closely with all of our financial stakeholders to position the Company for its next phase of success."
Given that Instant Brands has filed for Chapter 11 bankruptcy, the company can continue operating during the court-supervised process, so hope is not completely lost.
Instant Pot and Pyrex aren't the only kitchen gadgets facing a bleak future. In April of this year, it was revealed that Tupperware was facing "substantial doubt" that it could survive.
Let's just say that our summer recipes could really use some good news right about now. But you can still shop our picks for the best Instant Pots!
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