Pyrex and the creator of instant pot has just declared bankruptcy - can they disappear for good?
Experts attribute the difficulties of instant brands to inflation and a decrease in discretionary expenses.
When it comes to Cooking necessities , glass kitchen utensils and storage are not negotiable. You probably count on Pyrex, whether for cooking or as a plastic alternative For Storage of remains . And there is decent chances that these remains come from meals that you have prepared in the beloved instant pressure pressure cooker. Now, however, the state of these two brands is in question - they are manufactured by the company Mother Instant Brand, which has just deposited the bankruptcy of chapter 11. Read the rest to discover what it means for the future of Pyrex and instant pot.
Read this then: Tupperware could disappear for good - an iconic company says that it cannot stay afloat .
The company cited difficulties dating from the pandemic.
Instant brands announced the news of bankruptcy in a June 12 Press release , with the CEO and the President of Instant Brands Ben Gadbois Noting that the company has encountered difficulties for a few years.
"After having managed to sail in the COVVI-19 pandemic and the global supply of the supply chain, we continue to face additional macroeconomic and geopolitical challenges that affected our business," Gadbois said in the press release.
He continued: "In particular, the tightening of credit terms and higher interest rates had an impact on our liquidity levels and made our non -sustainable capital structure."
In January, the company - which belongs to the Cornell Capital LLC - Investment Capital Company - Restructuring advisers hired To help his financial situation, but it seems that problems abound.
The decrease in discretionary expenses affects instant brands, according to experts.
According to The Wall Street newspaper , these problems are largely Inflation linked and a decrease in discretionary expenses. AE0FCC31AE342FD3A1346EBB1F342FCB
"The performance of instant brands continue to suffer from the depressed demand from consumers due to the drop in discretionary expenses for domestic products, replenishment orders for lower retailers for its categories and certain retailers moving to the domestic realization of Direct Import" , a report published by the private banking company S&P Global last week reads Wsj .
While instant brands are looking for Another successful product , THE Wsj Also attributes the difficulties of the company to its dependence on the instant pot specifically as its only major success. In simple terms, there is a limited audience for the product, and it is not something that people have to replace often.
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Instant Brands indicates that the bankruptcy deposit is intended to set up the brand "for the next success phase".
While the Wsj said that the company's net sales fell, Instant Brands said that the decision to file the bankruptcy of Chapter 11 had in fact been made to "strengthen the financial situation of the company".
"In recent months, we have worked closely with all of our financial stakeholders to position the company for its next success phase," said Gadbois.
According to Bloomberg, the deposit of chapter 11 allows the company to Stay standing Although he finds how to reimburse his creditors. According to the press release, Instant Brands obtained $ 132.5 million in funding from its lenders, who "will support the company" throughout the bankruptcy process.
Better life Contacted instant brands for more information, but has not yet heard.
Gadbois said the company was "committed" to move forward.
In addition to Pyrex and instant in pots, instant brands make and also sell co -label dishes, snapware plastic storage, Corningware cooking cooking utensils, Visions kitchen utensils and chicago cutlery. And although the idea of "bankruptcy" is disconcerting for fans of these products, the company maintains a positive perspective - which means that these brands are probably sure, at least for the moment.
In the press release, Gadbois noted that taking Brands is still "focused on service and connection with our consumers around the world".
So, if you were thinking of storing new Pyrex dishes or replacing your instant pot, you may not have to do so.
"We are committed to finding a positive result," said Gadbois, also declaring that the company "continues to stimulate the exploitation flows in positive cash".
This echoes the statements made by the CEO in March, but with a word of prudence.
"We believe that the instantaneous product of pot will be there for a long time, very long," Gadbois told the Wsj , before conceding that "no product remains at a level of phenomenon forever".
