iRobot In Trouble Close To Closing Down As Debt Spirals
Amazon tried to buy them, but this was blocked by the US Government now US robotic vacuum cleaning Company iRobot an early pioneer in this market is reeling from one crisis to another with the real possibility the Company could close its doors.
Struggling to compete from new smarter Chinese developed premarket choosing to buy Chinese products over a US company’s products.
This is despite the introduction of tariffs on Chinese products and the recent release of new products by the US company.
Distributed by Melbourne based IXL Home iRobot has struggled in the face of increased competition and the collapse of a sale to Amazon, which left it deep in debt.
Earlier this year, CEO Gary Cohen indicated iRobot could shut down within 12 months if something didn’t change. The clock is ticking.
Last week, Cohen said that while customer response to the new product line has been “encouraging,” iRobot didn’t meet its goals this quarter “due to persistent market headwinds and delays in scaling production and sales of our new products.”
He confirmed the company is still looking at a potential sale or other “strategic alternatives” to get out of debt.























































































