Sales of “electronic multicooker devices,” most of which are Instant Pots, plunged 50% by last year, to $344 million.
According to a filing with the US Bankruptcy Court for the Southern District of Texas this week, Instant Brands, based outside of Chicago, has more than $500 million in both assets and liabilities.
Sales of “electronic multicooker devices,” most of which are Instant Pots, reached $758 million in 2020, the start of the pandemic. Sales had plunged 50% by last year, to $344 million. Inflation has buffeted consumers after a pandemic-fueled binge on goods for the home, but spending has also moved elsewhere as people are again able to travel, or go to restaurants and shows.Sales of “electronic multicooker devices,” most of which are Instant Pots, reached $758 million in 2020, the start of the pandemic. Sales had plunged 50% by last year, to $344 million.“Net sales decreased 21.
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