The Instant Pot might still seem like the biggest thing in kitchen appliances, but unfortunately, it seems the hot ticket kitchen gadget’s popularity has waned. That has partially caused its parent company has declared Chapter 11 bankruptcy.
So what does the Instant Pot mean for your kitchen?
Honestly, it doesn’t mean a whole lot. You don’t need to run out to your local Target or head to Amazon to stock up on all your Instant Pot needs. While the brand’s parent company also owns mega-brand Pyrex, you don’t need to stock up on those either. For now, both your Instant Pot and your Pyrex are safe.
The company, Instant Brands, has acquired $132.5 million in financing from lenders. That’s going to keep the company going while it navigates bankruptcy proceedings and carries the company forward. In 2019, the Instant Pot was acquired by Cornell Capital, a private equity firm, and the appliance and its other products were merged with Pyrex and CorningWare. Yes, that means that all are affected by the bankruptcy, but again, the company is moving forward. As of press time, there has been no news that there will be a disruption in product availability.
As for what’s next for the company? There’s been no word. However, it has previously worked to expand its offerings including air fryers and Dutch ovens. Perhaps more innovations could be coming from the brand.
For now, though, rest assured that you’ll still be able to access Instant-branded products alongside Pyrex and CorningWare.
