Instant Pot multicookers for sale at Bloomingdale's Inc. flagship department store in New York, U.S., on Wednesday, Oct. 21, 2020.Instant Brands, the maker of Pyrex glassware and Instant Pot pressure cookers, has filed for bankruptcy, saying high-interest rates, tighter credit conditions and falling consumer demand made its debt load unsustainable.
Instant Brands, whose products also include Corningware, said it plans to keep operating while it restructures, and toward that end has lined up $132.5 million in financing. Finished Pyrex glassware is packed for shipment at World Kitchen LLC's Pyrex factory in Charleroi, Pennsylvania.In a Tuesday court filing, Chief Restructuring Officer Adam Hollerbach said Instant Brands has seen sales fall as consumers weary of the Covid-19 pandemic started going out and traveling more last year, while spending less on goods for the home.
Those and other factors "strained Instant Brands' liquidity and made its capital structure untenable," Hollerbach said.