US EditionPublished • loading... • Updated
iRobot 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.
Insights by Ground AI
357 Articles
357 Articles
iRobot announces insolvency: Chinese manufacturer Picea takes over 100 percent of the shares, while the previous shareholders go out empty – what does the EU have to do with it?
iRobot co-founder says FTC's opposition to Amazon deal was 'wrong-minded' following bankruptcy filing
iRobot, the maker of the Roomba vacuum cleaner, filed for bankruptcy protection on Sunday and is pursuing a buyout from its primary manufacturer in China after the company's acquisition by Amazon was blocked over a year ago on antitrust grounds.iRobot first raised concerns about its ability to remain in business in March and filed for Chapter 11 bankruptcy protection in a Delaware bankruptcy court on Sunday as it faces competition from lower-pri…
·United States
Read Full Article
Coverage Details
Total News Sources357
Leaning Left46Leaning Right31Center78Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 30%
C 50%
R 20%
Factuality
To view factuality data please Upgrade to Premium
