The pressure got too much for Instant Brands, whose Instant Pot Pressure cookers and Pyrex glassware which is sold by the likes of The Good Guys, Amazon, Target, & Bing Lee in Australia and hundreds of smaller retailers, was not able to deliver the revenues needed to save the Company from being placed into bankruptcy with debts believed to be over A$1.4 billion.

The maker of the Pot pressure cooker and Pyrex glassware, filed for bankruptcy today, after high interest rates and waning access to credit hit the Company for months the US business has struggled to generate cashflow.

“After successfully navigating the Covid-19 pandemic and the global supply chain crisis, we continue to face additional global macroeconomic and geopolitical challenges that have affected our business,” Ben Gadbois, the company’s president and chief executive officer, said in a statement.

This is a major blow with the business now forced to try and restructure. ChannelNews understands that the business could be sold quickly if a solution to their problems is not found. In Australia the US business has a local subsidiary, at this stage no comment has been made by the local operation.

The US appliance Company filed for chapter 11 in the U.S. Bankruptcy Court listing more than $739M million in both assets and liabilities.

Private-equity firm Cornell Capital bought the company in 2019 and combined it with Corelle Brands, another kitchenware company.

Sales have been falling, showing the difficulties that Instant Brands has faced growing its business on the back of a single hit product. The company, which also sells Pyrex and Snapware, has been working with restructuring advisers for months to improve its balance sheet and finances as consumers’ onetime obsession with the Instant Pot cooker slowed down.

The company’s net sales decreased 21.9% in the first quarter this year compared with the same period in 2022, the seventh consecutive quarter of declining year-over-year sales, S&P Global said in a ratings downgrade of Instant Brands last week.

The company ended March with roughly $95 million in liquidity and the business hasn’t been generating cash, according to the ratings report.

The company is slated to receive around $133 million in debtor-in-possession financing to fund itself through the bankruptcy process, the company said in a statement.