The company behind the Instant Pot is filing for Chapter 11 bankruptcy as the craze over its kitchen contraption appears to have fizzled.
In a press release Monday, Instant Brands announced the filing in the U.S. Bankruptcy Court for the Southern District of Texas.
The company, which was founded in Ottawa but is now based outside of Chicago, also owns the Pyrex kitchenware brand and has at least US$500 million in both assets and liabilities, according to the filing.
Instant Brands was founded in 2009 and became a Canadian success story after its flagship product, the Instant Pot, gained traction in kitchens around the world.