Roomba manufacturer iRobot filed for bankruptcy today, reports Bloomberg.
After 35 years, iRobot reached a "restructuring support agrement that will hand control of the consumer robot maker to Shenzhen PICEA Robotics Co, its main supplier and lender, and Santrum Hong Kong Compny."
Under the restructuring, vacuum cleaner maker Shenzhen PICEA will receive the entire equity stake in the reorganised company... The plan will allow the debtor to remain as a going concern and continue to meet its commitments to employees and make timely payments in full to vendors and other creditors for amounts owed throughout the court-supervised process, according to an iRobot statement... he company warned of potential bankruptcy in December after years of declining earnings.
Roomba says it's sold over 50 million robots, the article points out, but earnings "began to decline since 2021 due to supply chain headwinds and increased competition.
"A hoped-for by acquisition by Amazon.com in 2023 collapsed over regulatory concerns."
Read more of this story at Slashdot.
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