Two decades after it ignited a market for robot vacuums in homes, iRobot has filed for Chapter 11 bankruptcy protection. The company, best known for its Roomba robot vacuums, entered the filing late Sunday night after months of warning signs and financial pressure.Under the proposed restructuring, iRobot will be acquired by its primary manufacturing partner, China-based Shenzhen Picea Robotics.The company said it will continue to offer robots and smart home devices to consumers.Massachusetts-based iRobot, w ...

Roomba maker iRobot has filed for bankruptcy – and customers are worried that their pricey vacuums could stop working.The 35-year-old, publicly held company will be taken over by its Chinese supplier, Shenzhen Picea Robotics, and become a privately held business, according to the Delaware bankruptcy filing on Sunday.The Massachusetts-based company — whose robot vacuums cost up to $1,300 — has been struggling since a deal for Amazon to acquire it for $1.7 billion fell apart in 2024.  3 Roomba cleaners firs ...

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Core Points - iRobot Corporation has filed for Chapter 11 bankruptcy protection, leading to a significant drop in its stock price, which is down over 78% [1][8] - The company has entered into a Restructuring Support Agreement with Picea Robotics, its primary manufacturer and largest debt holder [2][5] - iRobot plans to continue operations during the bankruptcy proceedings and will be owned by Picea Robotics once the process is complete [5][6] Company Background - Founded in 1990, iRobot was a pioneer in household robotics, with its Roomba vacuum cleaner gaining popularity since its launch in 2002 [2] - The company has faced increasing competition from cheaper and superior robotic vacuum products in recent years [3] - iRobot had a strong market presence in the U.S. and Japan, but its financial struggles intensified after an abandoned acquisition attempt by Amazon in 2022 [3][4] Financial Challenges - iRobot has been burdened by mounting debt, increased competition, higher operational costs, and the impact of tariffs [4] - The decision to file for bankruptcy was made as these financial pressures became unsustainable [4] Stock Impact - Following the bankruptcy announcement, iRobot's stock is expected to be delisted from Nasdaq, ceasing public trading [7] - Shareholders are warned that they may experience a total loss of their investment, with the stock price plummeting from a high of $137 in February 2021 to under $1 [9] Product Functionality - Concerns have arisen among Roomba owners regarding the functionality of their devices post-bankruptcy [10] - iRobot has assured customers that there will be no anticipated disruption to app functionality, customer programs, or product support during the bankruptcy process [11]

This audio is auto-generated. Please let us know if you have feedback IRobot, a U.S. robotics company once courted by Amazon, will be acquired by Picea, its primary contract manufacturer. The transaction is part of a Chapter 11 restructuring process filed Sunday in U.S. Bankruptcy Court for the District of Delaware.China-based Picea will acquire a 100% equity interest after agreeing to cancel $180 million in first lien claims and $74 million in supply agreement claims. Another $84 million or so in supply c ...

Core Insights - iRobot (IRBT) shares dropped over 70% following the announcement of a Chapter 11 bankruptcy filing, with plans for a Chinese robotics firm, Picea, to acquire 100% of its equity [1][5] - CEO Gary Cohen described the bankruptcy and acquisition as a crucial step for iRobot's long-term future, aiming to enhance financial stability and ensure continuity for stakeholders [2] - Current Roomba users will not experience disruptions, as iRobot assured that app functionality, customer programs, and product support will remain intact [3] Financial Context - The Chapter 11 filing allows iRobot to restructure its operations and negotiate with creditors, with Picea set to acquire the company [2] - Earlier in 2023, iRobot's shares fell 35% due to concerns over tariffs, macroeconomic conditions, and competition, leading to a strategic review of options [4] - iRobot shares have lost approximately 85% of their value in 2025, reflecting ongoing financial struggles [5] Historical Background - A previous acquisition deal with Amazon fell through due to regulatory scrutiny, leading to significant changes in iRobot's leadership and workforce reductions of about 30% [3] - The company has faced substantial challenges, including a decline in consumer demand and increased competition, contributing to its current financial situation [4]

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Core Viewpoint - iRobot has filed for bankruptcy protection, marking a significant downturn for the company known for its pioneering Roomba vacuum robots, which has seen its stock plummet nearly 69% following the announcement [1][2]. Group 1: Company Background - iRobot was founded in 1990 by MIT professors and launched the first Roomba vacuum in 2002, becoming a leader in the robotic vacuum market [1]. - The company went public in 2005 and reached a peak stock price of $197.4 in 2021, with a market capitalization exceeding $6 billion [1]. Group 2: Financial Decline - iRobot's revenue has been on a downward trend, with a decline from $1.183 billion in 2022 to an estimated $682 million in 2024 [2]. - The company reported a net profit of $286 million in 2022 but is projected to incur a loss of $146 million in 2024 [2]. Group 3: Competitive Challenges - iRobot has faced increasing competition from Chinese brands, leading to a decline in sales and necessitating layoffs [2]. - The introduction of a 46% tariff on home appliances imported from Vietnam by the U.S. government is expected to add approximately $23 million in operational costs for iRobot in 2025, further straining its profit margins [2]. Group 4: Acquisition Attempts - Amazon attempted to acquire iRobot for $1.7 billion in 2022, but the deal fell through due to regulatory hurdles, with the final offer dropping to $1.4 billion before being canceled [3]. - Following the termination of the acquisition, iRobot announced a restructuring plan and the departure of its CEO [3]. Group 5: New Ownership - Shenzhen PICEA Robotics Co. and its subsidiary Santrum Hong Kong Co. are set to acquire all shares of iRobot, leading to its delisting from NASDAQ and privatization [4]. - The acquisition is expected to improve iRobot's balance sheet and ensure continued operations, with a target completion date of February 2026 [5]. Group 6: Market Trends - The global smart vacuum market is projected to grow, with a reported shipment of 17.424 million units in the first three quarters of 2025, reflecting an 18.7% year-over-year increase [5]. - Chinese companies dominate the global market, with Stone Technology leading in shipments, followed by Ecovacs and others [6].

Core Viewpoint - iRobot has filed for Chapter 11 bankruptcy protection, indicating significant financial distress and a plan to be acquired by Picea Robotics, its primary manufacturer [1][6]. Financial Performance - iRobot's revenue in the third quarter was $145.8 million, a decrease from $193.4 million year-over-year, reflecting a 24.6% decline [7]. - The company reported an operating loss of $17.7 million, contrasting with a profit of $7.3 million in the same quarter of the previous year [7]. Market Impact - Following the bankruptcy announcement, iRobot's stock price fell over 65% from $4.32, indicating a severe negative reaction from the market [4]. - The company faced challenges due to tariff policies, resulting in increased costs of $23 million and a 33% drop in U.S. sales in the third quarter compared to the previous year [5][6]. Strategic Outlook - CEO Gary Cohen emphasized that the transaction with Picea Robotics aims to secure iRobot's long-term future and maintain continuity for consumers and partners [2]. - iRobot plans to continue operations during the bankruptcy proceedings, including maintaining its app functionality and customer support [4].

Core Viewpoint - iRobot Corp, the pioneer of robotic vacuum cleaners, has filed for bankruptcy protection, leading to a significant drop in its stock price by over 70%, triggering a trading halt, with a total market value reduced to approximately 300 million RMB [1][8]. Company Overview - iRobot was founded in 1990 by three MIT robotics experts and gained popularity with the launch of the Roomba vacuum cleaner in 2002, which holds a market share of about 42% in the U.S. and 65% in Japan [6][13]. - The company currently has 274 employees and is headquartered in Bedford, Massachusetts [14]. Financial Situation - iRobot's total revenue for 2024 is projected to be around 682 million USD, but profits are significantly pressured by competition, particularly from Chinese rivals like Ecovacs [4][11]. - The company has approximately 190 million USD in debt, primarily from a loan taken in 2023 for refinancing operations [4][11]. Bankruptcy Details - iRobot has applied for Chapter 11 bankruptcy protection in Delaware, citing pressures from low-cost competitors and the impact of new U.S. tariffs, particularly a 46% tariff on products imported from Vietnam [4][11]. - The bankruptcy restructuring plan involves Shenzhen Picea Robotics acquiring 100% of iRobot's shares and canceling the remaining 190 million USD debt from 2023, along with an additional 74 million USD owed under a contract [5][12]. Market Impact - The stock price of iRobot fell to 1.38 USD, a decrease of 68.06%, with a trading volume of approximately 49.6 million shares [3][10]. - The company's valuation peaked at 3.56 billion USD during the pandemic in 2021, highlighting a significant decline in market position [5][12].