iRobot has filed for bankruptcy

iRobot Corp – perhaps most famous for its Roomba robot vacuum cleaners – has filed for bankruptcy. The company has proposed that control be handed over Shenzhen PICEA Robotics Co, its main Chinese supplier. The Chapter 11 process comes after iRobot has been under increasing pressure from various tariffs, as well as competition from lower-cost rivals. There should be – at least initially – no disruption to the company’s operations, apps should continue to function as normal, and supplies are not expected to be impacted. Making the announcement, iRobot said that “it entered into a Restructuring Support Agreement (the 'RSA')… [Continue Reading]