Last week, I used my Instant Pot to cook a pound of pinto beans, and they turned out great. Using the Instant Pot takes away the worries about burning the food or leaving it unattended like you would with a stove. It’s also safer than a regular pressure cooker. The Instant Pot is versatile, reliable, and reasonably priced, despite not being great at searing. However, the parent company of the Instant Pot recently filed for Chapter 11 bankruptcy, and they’re looking for $132.5 million in financing to stay afloat. Instant Pot has also cancelled $100 million worth of orders from retailers, and its sales have declined by 50%. The company has launched new products, like an air purifier and an electric Dutch oven, hoping to find the next product phenom. Instant Pot’s CEO recognizes the need to keep growing, but sometimes being really good at one thing is enough.
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Instant Pot succumbs to growth pressures, files for bankruptcy in an attempt to maintain momentum.
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