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iRobot Files Bankruptcy, Acquired by Picea
iRobot filed for Chapter 11 bankruptcy due to declining revenue and high tariffs, allowing Shenzhen Picea Robotics to acquire full equity and stabilize operations.
- On Dec 14, iRobot filed for Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware, with a restructuring support agreement transferring control to Shenzhen PICEA Robotics and Santrum Hong Kong.
- Since 2021, earnings fell amid supply-chain chaos and cheaper rivals, while a collapsed Amazon acquisition, a $200 million lifeline from The Carlyle Group, and debt sales to Shenzhen PICEA left iRobot cash-strapped.
- IRobot's third-quarter revenue was $145.8 million, and cash on September 27 totaled $24.8 million after a $5 million restricted cash withdrawal.
- Existing common shareholders will be wiped out as Shenzhen PICEA Robotics gains 100% equity, and iRobot said it will operate through the court-supervised reorganization process, meeting commitments to employees and vendors.
- Founded in 1990 by three MIT roboticists, iRobot sold more than 50 million robots and warns Roomba owners could lose app-based features amid ongoing uncertainties about suppliers and company survival.
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The company revolutionized the robotic vacuum cleaner market with the Roomba back in the 2000s.
iRobot, the company that produces household cleaning robots such as the popular Roomba, throws in the towel and resorts to bankruptcy. (ANSA)
·Italy
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After facing a deep crisis, which threatened its own survival and the future of its enthusiasts, iRobot declared failure. A company based in Shenzhen, China, will assume the property of...
·Portugal
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Total News Sources188
Leaning Left32Leaning Right18Center45Last UpdatedBias Distribution47% Center
Bias Distribution
- 47% of the sources are Center
47% Center
L 34%
C 47%
R 19%
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