US EditioniRobot Files Bankruptcy, Acquired by Picea
- 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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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...
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Roomba vacuum cleaner maker files for bankruptcy
The struggling US maker of the Roomba robot vacuum cleaner has filed for bankruptcy protection. Fierce competition in the smart appliance sector has taken a toll on the company's finances.
iRobot files for Chapter 11 bankruptcy after increased competition & tariff woes
Roomba maker iRobot has filed for bankruptcy protection and will change its ownership, but your robot vacuum cleaners will probably be fine.iRobot's Roomba, which will still work for a while at least. On Sunday, iRobot confirmed that it had commenced a pre-packaged Chapter 11 bankruptcy protection process. After warning its cash balance was running close to empty, it inevitably ran out, and has to fight for its survival.The third-quarter financi…
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