iRobot Files for Chapter 11 Amid Rising Competition and Tariff Pressures

Tech company iRobot (NASDAQ: IRBT), the maker of household vacuums and cleaning robots that include Roomba and Braava, filed for Chapter 11 bankruptcy protection on Sunday, less than two years after a $1.7 billion buyout by Amazon (NASDAQ: AMZN) fell through.The company announced that it has expectations of being acquired by privately held Picea Robotics, its primary manufacturer, with the transaction expected to be completed by February. "Today's announcement marks a pivotal milestone in securing iRobot's long-term future," CEO Gary Cohen said. "The transaction will strengthen our financial position and will help deliver continuity for our consumers, customers, and partners. Together, we will work to continue advancing the industry-leading Roomba robots and smart home technologies that have defined the iRobot brand for more than three decades."Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool