Instant Pot maker seeks bankruptcy protection in US as sales go cold

The company, whose brands also include Pyrex, Corelle, CorningWare and Visions, is struggling as inflation-hit consumers pull back on spending

Sales of multicookers like Instant Pots, which became a must-have gadget several years ago, have plummeted since their pandemic heyday

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Sales of “electronic multicooker devices”, most of which are Instant Pots, reached US$758 million in 2020, the start of the pandemic. Photo: Shutterstock

Published: 1:56am, 14 Jun 2023Updated: 2:04am, 14 Jun 2023

The maker of Pyrex glassware and Instant Pot has filed for Chapter 11 bankruptcy protection as the company that was already struggling is stung by inflation, with Americans pulling back on spending.

According to a filing with the US Bankruptcy Court for the Southern District of Texas this week, Instant Brands, based outside Chicago, has more than US$500 million in both assets and liabilities.

Inflation has buffeted consumers after a pandemic-fuelled binge on goods for the home, but spending has also moved elsewhere as people are again able to travel, or go to restaurants and shows.

And Instant Pots, which became a must-have gadget several years ago, have been disappearing from kitchens.

Sales of “electronic multicooker devices”, most of which are Instant Pots, reached US$758 million in 2020, the start of the pandemic. Sales had plunged 50 per cent by last year, to US$344 million.

Dollar and unit sales have declined 20 per cent from last year in the period ending in April, according to the market research company NPD Group.