Parent company of Instant Pot and Pyrex files for bankruptcy.

Instant Brands, the company behind household staples such as Instant Pot and Pyrex glassware, has filed for Chapter 11 bankruptcy due to global macroeconomic and geopolitical challenges that have affected its business. Ben Gadbois, president and CEO of Instant Brands, stated that “tightening of credit terms and higher interest rates impacted our liquidity levels and made our capital structure unsustainable.” The company is seeking $132.5 million in financing to fund itself throughout the bankruptcy process.

While some of Instant Brands’ products like Pyrex glassware have been around for decades, others like the popular Instant Pot were only introduced in 2010 but quickly gained popularity among Gen Z and millennials looking to simplify cooking with minimal clean-up and prep time. With over 117 million views on TikTok under the hashtag #InstantPotRecipes, it’s clear that this kitchen gadget has a major online presence.

In addition to modern products like Instant Pot, vintage Pyrex and CorningWare dishes are also highly sought after by collectors who are willing to spend hundreds or even thousands of dollars on them. However, these nostalgia-driven sales won’t help save Instant Brands from bankruptcy since they’re focused on models no longer manufactured by the company.

“I’ve had people contact me that don’t know a lot about Pyrex and ask ‘Why are you asking so much for that when I’ve seen it somewhere else for $450?’ I say, ‘Try to find them somewhere else,'” said Yvette Egan, who runs an Etsy shop that sells vintage CorningWare among other things.