Sales dropped almost 22 percent in the first quarter of the year.
The Washington Post/Getty
The maker of the Instant Pot, the ubiquitous smart pressure cooker, has filed for Chapter 11 bankruptcy. Sales of the gadget skyrocketed starting in 2018, but in the first quarter of this year were down almost 22 percent, The Wall Street Journal reports. The company blames “depressed consumer demand due to lower discretionary spending on home products” but the Journal said management missteps and supply-chain issues were also factors.
