Instant Brands Inc., the corporate owner of a range of consumer kitchen brands including Instant Pot pressure cookers, Corelle dishes and Snapware plastic storage containers, has entered Chapter 11.
"Over the last several years, we have navigated the COVID-19 pandemic and the global supply chain crisis, all while delivering profitable results," the Downers Grove, Ill.-based company said in a statement to its suppliers on its website. "Today, we are managing additional macro-challenges beyond our control that have impacted our business and affected our liquidity levels.
"As a result, our capital structure — including our debt levels — is now unsustainable," it added.
First launched in 2009, the Instant Pot, with its 21st century take on a reliable pressure cooker, has been a big hit with consumers almost since it first hit store shelves. In 2019, a private equity firm, Cornell Capital, purchased it and merged it with Corelle Brands, which also owned the Pyrex, CorningWare, Chicago Cutlery and Snapware brands.
Snapware, with manufacturing in Mira Loma, Calif., had been acquired by Corelle in 2010.
Instant Brands told suppliers it has funding in place to continue operations while it restructures.
"We expect to continue working with our vendors and suppliers as we always have," the company said. "We are continuing to provide consumers our iconic brands and innovative housewares and appliance products. You play a key role in helping us provide for our customers, and your continued cooperation will promote our mutual success."