Instant Brands Inc., the company that makes kitchen staples like CorningWare, Pyrex and the Instant Pot has entered bankruptcy proceedings in the U.S. and Canada. The company has filed for Chapter 11 bankruptcy protection, citing a combination of factors including lower sales, supply chain issues, higher interest rates, and “global macroeconomic and geopolitical challenges” that have affected the company.
It might seem baffling that such a popular kitchen tool is failing. But the fact it's such a high-quality appliance is a part of the problem, actually. Instant Brands Inc., which also owns and manufactures Pyrex, Corelle, Snapware, Corningware, and Chicago Cutlery, has filed for chapter 11 bankruptcy protection but does not plan to go out of business.
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