The maker of Pyrex glassware and Instant Pot has filed for Chapter 11 bankruptcy protection as the company that was already struggling is stung by inflation, with Americans pulling back on spending.
According to a filing with the U.S. Bankruptcy Court for the Southern District of Texas this week, Instant Brands, based outside of Chicago, has more than $500 million in both assets and liabilities.
Inflation has buffeted consumers after a pandemic-fueled binge on goods for the home, but spending has also moved elsewhere as people are again able to travel, or go to restaurants and shows.
