Drop in some ground beef, onions, bell peppers, tomatoes and spices. Press a button, head out for work and return hours later to a perfectly prepared chili.
For a while, the Instant Pot, an electronically controlled device that could pressure-cook and slow-cook food, was the kitchen tool everyone wanted. The product hit the market in 2010, quickly became a top seller, and spawned a legion of fans who called themselves “Potheads” and used their Instant Pots to create dozens of recipes.
Those Potheads are still around, making soups, stews and puddings. But over the past few years, the Instant Pot has failed to attract new fans, and its parent company is struggling.
Instant Brands, the maker of the Instant Pot and other household brands such as Pyrex, Snapware and CorningWare, announced on Monday that it had filed for Chapter 11 bankruptcy. The move, according to the company, will secure $132.5 million in funding to allow it to stay afloat and restructure rather than liquidate its business. The company did not respond to a request for comment on Wednesday about its sales.
Ben Gadbois, president and chief executive of Instant Brands, said in a statement on Monday that “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.”
“In particular, tightening of credit terms and higher interest rates impacted our liquidity levels and made our capital structure unsustainable,” Mr. Gadbois said.
Thank you for your patience while we verify access. If you are in Reader mode please exit andlog intoyour Times account, orsubscribefor all of The Times.
Thank you for your patience while we verify access.
Given Instant Pot's popularity, it was surprising to some when last week Instant Brands
Instant Brands
The company was founded by Robert Wang, Yi Qin, and three other Canadian partners in 2009. They are the distributor and designers of the Instant Pot and other products sold under the Instant Brands name. Double Insight Inc. Its subsidiaries were merged and consolidated under the title "Instant Brands".
, the maker of Instant Pot — as well as other household brands including CorningWare, Snapware and Pyrex — announced that it had filed for Chapter 11 bankruptcy, which is frequently referred to as a "reorganization" bankruptcy.
In a move capitalizing on its signature product, Instant Pot Brands, as the business will now be known, has emerged from bankruptcy as a stand-alone company, under new ownership and with a new capital structure, according to a press release Monday.
Instant Brands, the company that makes the Instant Pot (as well as Pyrex, Corelle, and a few other product lines), announced that it was filing for Chapter 11 bankruptcy in June 2023. But that doesn't mean the company is going under, and for now it hasn't affected the availability of the Instant Pot.
Instant Brands sold its appliance business to private equity firm Centre Lane Partners in November. Instant Brands filed for Chapter 11 in June, citing macroeconomic conditions beyond its control, specifically the pandemic and global supply chain issues.
With the merger, Instant Brands is now owned by Cornell Capital LLC and headquartered in Downers Grove, Illinois. On June 12, 2023, Instant Brands filed for Chapter 11 bankruptcy after high interest rates and waning access to credit hit its cash position and made its debts unsustainable.
The recall was announced on March 1, 2018 for the “Instant Pot Gem 65 8-in-1 Multicookers” after at least 107 reports involving overheating, including 5 incidents that caused property damage. The problem is caused by a manufacturing defect that allows that cooker to overheat and melt on the underside of the unit.
The average lifespan of an Instant Pot ranges from 2-5 years, but it can last longer depending on how often it's used and how well-maintained it is. So it's safe to say Instant Pots aren't commonly being replaced, and may even be a one-time purchase.
"In reality, Instant Pot's owners borrowed hundreds of millions of dollars and spent a significant chunk of that money on R&D, developing new products and employing lots of people in the process." This was a high-risk strategy — one that failed, but it's not necessarily all bad for everyone in Instant Brand's orbit.
Even though some studies suggest that pressure cooking isn't the best way to preserve nutrients in food, no research exists to suggest that pressure cookers of any model or brand pose health risks. If you're a fan of your Instant Pot, don't worry: You can continue to safely use your appliance without worry.
They're never as good as individual appliances — Instant Pots may be versatile, but they will never be as good as the appliance designed for that cooking purpose. Cooking rice in the Instant Pot was never as fluffy as my trusted rice cooker, while steaming broccoli often ended up an overcooked and soggy mess.
Is it worth buying an Instant Pot? Yes, we do think an Instant Pot is worth it, particularly for pressure cooking. There's a reason it's one of the most popular kitchen appliances out there.
The court filing stated that the manufacturer has liabilities and assets ranging from $500m to $1bn and 1000 to 5000 creditors. Moreover, the company owes its top five creditors more than $38m in total. The company also revealed it had $512.3m in outstanding principal funded debt obligations.
Yes, Instant Pots are manufactured in China, though it is a Canadian company. Researching this question leads to many rabbit holes, but the Instant Pot live chat team and the branding on the packaging answer the question definitively.
As NPR reported, sales of “electronic multicooker devices” (a large chunk of which are Instant Pots) hit $758 million in 2020. But those numbers weren't tenable. Sales in the category dropped by half by 2022, and in the first quarter of 2023, Instant Brands' sales dropped 22 percent compared to last year.
Whether you bought your Instant Pot years ago or are new to pressure cooking, keeping your pot in perfect condition can be tough. Lids drop, small accessories get lost — basically, things happen — which is why it's so important to know how to replace any parts that become worn-down, lost or broken over the years.
If a recipe calls for a natural release, you don't have to do anything. It's more of an inaction than action. Once the cook time counts down and the pot beeps indicating time is up, leave it alone. You'll know that the pressure has released once the float valve pops down into the lid, making a clicking sound.
No one loses all of their property when filing for bankruptcy. Find out if you can keep your house, car, and other assets in bankruptcy. Don't worry—you won't lose everything in bankruptcy. Most people can keep household furnishings, a retirement account, and some equity in a house and car in bankruptcy.
Overheating can cause your pressure cooker to explode if you're not careful. Overheating occurs when the pressure cooker is left unattended for too long or when the heat source is too high. Safety mechanisms should prevent this issue, but they may malfunction.
Introduction: My name is Clemencia Bogisich Ret, I am a super, outstanding, graceful, friendly, vast, comfortable, agreeable person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
