iRobot Files for Bankruptcy, Will Go Private: Reaction and What it Means
iRobot, the maker of Roomba, has filed for Chapter 11 bankruptcy protection while being acquired by Picea, its primary contract manufacturer. The company, known for its robotic vacuums, has faced challenges like increased competition and a failed acquisition by Amazon. Despite the bankruptcy, iRobot anticipates no disruption to its operations, customer programs, or product support. The acquisition by Picea is expected to strengthen iRobot’s financial position, with the prepackaged chapter 11 process targeted for completion by February.
John Q. Hosedrinker