The Prompt Pot has been one of the most important kitchen gadgets of the previous decade, however that hasn’t prevented monetary turmoil at its dad or mum firm. Prompt Manufacturers has filed for Chapter 11 chapter within the US citing worldwide “macroeconomic and geopolitical challenges” that embrace increased rates of interest and tighter credit score. Whereas the corporate says it endured the pandemic and the following provide chain issues, these newest issues proved to be an excessive amount of.
Prompt Manufacturers nonetheless expects to place merchandise on cabinets, together with Prompt Pot in addition to sibling manufacturers like Corelle, CorningWare and Pyrex. It additionally acquired a promise of $132.5 million in financing to pay collectors whereas it really works by way of the chapter course of. The court docket nonetheless has to approve the financing.
The Prompt Pot vary first launched in 2010 with a easy technique: it mixed a strain cooker with many different features (comparable to sauté and a steamer) in a single gadget. It is notably interesting if you would like a fast meal that does not contain a microwave. Regardless of an absence of promoting, it developed a cult-like fan base and have become synonymous with trendy kitchens. That translated to surging demand — the lineup dominated Amazon’s Prime Day gross sales for years beginning in 2016.
This is not the tip for Prompt Manufacturers. As with different firms’ Chapter 11 filings, it is an opportunity for the agency to get its monetary affairs so as and (ideally) guarantee its long-term well being. Nevertheless, it is a reminder that success in tech doesn’t last forever, even for kitchen {hardware}.
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