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Instant Pot just got knifed by PE. https://www.theverge.com/2023/6/12/23758602/instant-pot-bankruptcy-new-products-2023-decline https://www.theverge.com/2023/6
by KerrAvon 3y ago
Instant Pot just got knifed by PE.
https://www.theverge.com/2023/6/12/23758602/instant-pot-bankruptcy-new-products-2023-decline https://www.theverge.com/2023/6/12/23758602/instant-pot-bank...
> The other reason it’s absolutely got to keep growing is that there are expectations placed upon it by Cornell Capital, the private equity firm that acquired the Instant from its founder in 2019 and merged it with Corelle Brands, which makes all the Pyrex and CorningWare products you probably heat up leftovers in.
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> Sometimes you don’t have to grow at all costs. You can just be very good at one thing
- missedthecue 3y agoBy knifed you mean the corporation that owns it is going through chapter 11. Debt will be converted to equity, and the shareholders will be wiped out. Instant Pots aren't going anywhere.
- refurb 3y agoInstapot was going into a crapper PE or no PE.
- LapsangGuzzler 3y agoThat's a pretty low-effort take. I'm a very serious cook and I absolutely loathe kitchen gadget culture but the Instant Pot has to be the most innovative kitchen tool created in my lifetime. It's a mobile oven, pressure cooker, saute pan, and mess-free food transport system all in one and it's affordable. The amount of food it can produce relative to the active cook time needed is unparalleled. It's the gateway drug to cooking for people who grew up not knowing how to cook.
- refurb 3y agoIt’s going into the crapper because there are so many instapots you can sell. The company sold them and then revenues went into the toilet.