Instant Brands, maker of Instant Pot and Pyrex, files for bankruptcy

Instant Brands, the parent company of Instant Pot, Pyrex, CorningWare and other household names, has filed for Chapter 11 bankruptcy protection in the U.S. and Canada.

The company said it was facing "global macroeconomic and geopolitical challenges" that have affected its business, as well as tighter credit terms and higher interest rates that have made its capital structure unsustainable.

Instant Brands employs over 2,400 people worldwide and has a portfolio of brands that are found in 90% of U.S. households, according to its website.

The company traces its origins to Canadian inventor Robert Wang, who created the Instant Pot in 2009 as a multifunctional pressure cooker that could cook food faster and easier. The device became a sensation online, especially on Amazon's Prime Day, and sold millions of units.

In 2019, Wang's company merged with Illinois-based Corelle Brands, which owned Pyrex, CorningWare and other kitchenware products. The combined company expanded the Instant brand name into new products such as air purifiers and coffee machines.

However, the company also took on a heavy debt load of about $563 million, which it struggled to service as consumer habits changed since the early pandemic days.

The company said it plans to continue operating while it restructures its debt and looks for new sources of financing. It also said it expects to honor all customer orders, warranties and loyalty programs.

Instant Brands said it has received commitments for $100 million in debtor-in-possession financing from some of its existing lenders to support its operations during the bankruptcy process.

The company said it hopes to emerge from bankruptcy as a stronger and more competitive business that can continue to offer innovative products to its customers.

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