00:00It's Benzinga, bringing Wall Street to Main Street.
00:03iRobot filed for Chapter 11 bankruptcy protection late Sunday after warning earlier this year that
00:08it was running out of options, according to The Verge. The maker of the Roomba robot vacuum
00:13said it will be acquired by its contract manufacturer, China-based Picea Robotics,
00:19and will continue operating with no anticipated disruption to its app,
00:22customer programs, partners, supply chain, or product support.
00:26Founded in 1990, iRobot launched its first Roomba in 2002, but has struggled in recent years as
00:33competition from Chinese manufacturers such as Ecovacs and Roborock eroded its market share.
00:39A proposed acquisition by Amazon in 2022 collapsed under regulatory scrutiny.
00:45CEO Gary Cohen said,
00:47The transaction strengthens the company's financial position
00:49and supports continuity for consumers, customers, and partners.
00:53For all things money, visit Benzinga.com.
Comments