Roomba maker iRobot bought by Chinese supplier after filing for bankruptcy
US-listed company, whose profits have been in decline since the pandemic, will be taken over by Picea
TL;DR
- iRobot, the company behind Roomba, has filed for bankruptcy protection.
- It has agreed to be acquired by Picea Robotics, a subsidiary of its main Chinese supplier.
- The bankruptcy filing is part of a restructuring agreement with Picea.
- iRobot has faced financial difficulties due to supply chain problems and cheaper competitors.
- The deal with Picea aims to improve iRobot's financial position and leverage combined expertise.
- A previous acquisition attempt by Amazon fell through due to competition concerns.
- The bankruptcy plan allows iRobot to continue operating and meet its obligations.
- Despite past success, iRobot's valuation has significantly decreased.