https://finance.yahoo.com/news/instant-pot-pyrex-maker-instant-204114763.html
https://www.reuters.com/business/pyrex-kitchenware-maker-files-chapter-11-bankruptcy-2023-06-12/
At least they’re restructuring and not looking for court protection. So there’s that indication that they’re trying to stay in business.
I’ll stick with my vintage Pyrex (bought an IP during an Amazon sale and returned it, so I’m not in that camp).
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I haven’t used my Instant Pot in about 5 years. I was interested in getting and Instant Pot brand air fryer, but guess not anymore!
. That’s hard for me to believe- they’re such ingrained brands in the US, and I suspect other countries, I wonder what bad decisions they made.
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The company, controlled by private equity firm Cornell Capital LLC
Tells me all I need to know.
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Aha. Thanks.
Not sure that this will cause a problem for those of us in Europe as Pyrex dishes are made under licence and sold by various companies.
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Instant Pot is another victim of capitalist greed and the ideology of infinite financial growth:
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Informative article. Not the first time this has happened to a one hit wonder brand. Trace the companies that have owned the George Foreman grill, which is AFAIK still popular.
Has anyone ever had to buy a second IP because their first one wore out? Nah. It’s well built. Does the IP need an improvement? Nah. It does what it is supposed to and does it well;.
So, it’s the kitchen appliance equivalent of the light bulb that never burns out. You can’t build an ongoing company on a perfect one-shot product. All you can do is sell the company a few times, which accumulates debt with each turnover, and eventually go bankrupt. It’s the American way.
Exactly. They couldn’t port that purchased reputation to other products they needed to sell, and sell, and sell to grow.
