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Dive Brief:
In a move capitalizing on its signature product,Instant Pot Brands, as the business will now be known,has emerged from bankruptcy as a stand-alone company, under new ownership and with a new capital structure,according to a press release Monday.
The company’s new leadership includes Chris Robins, who previously led Newell Brands’ home appliance business,as CEO, and veteran financial executive Craig Carrigan as chief financial officer. Lisa Kronish, named as chief human resources officer, and Rudy Sumarli, executive vice president of supply chain and research and development, also arrive from Newell Brands.
Instant Pot and affiliated products were previously part of Instant Brands, which runs household brands Corelle, Pyrex, CorningWare, Snapware and Chicago Cutlery.Last June, while majority-owned by private equity firm Cornell Capital, Instant Brands filed for Chapter 11. In October private equity firm Centre Lane Partners acquired the company after a competitive bankruptcy auction.
Dive Insight:
The Instant Pot has had a whirlwind history since it hit the market nearly 15 years ago. The fast-working, multiuse appliance became a hit, and during the 2018 holiday season,Kohl’s famously said it sold 60 Instant Pots per minuteon Thanksgiving.
The following year, the brand merged with the company running legacy brands including CorningWare and Pyrex, but trouble was percolating. Sales of electronic multicooker devices had reached $758 million in 2020, but by 2022 fell some 50% to $344 million,The Wall Street Journal reported in March last year.
The name change announced this week is a part of an ongoing transformation following its separation from its former parent company, Instant Brands, in connection with its bankruptcy, the company said. Robins called Instant Pot “an iconic brand” underpinning a strong product portfolio
“I am confident we will be able to usher in a new era for the business, leveraging this brand and this team to bring new and innovative products to the kitchen appliances segment," she said in a statement.
