One of our favourite appliance brands, Instant Brands, has filed for bankruptcy in the US, citing a lack of demand post-pandemic and difficult economic conditions.
The company, which manufactures some of the best air fryers, on the market as well as Pyrex glassware and Instant Pot multi-cookers, filed for bankruptcy. However, the UK instant brand has been unaffected and will continue to operate as usual.
According to BBC News, the credit rating agency S&P Global 'downgraded Instant Brands, saying its net sales for the first three months of 2023 had fallen by almost 22% compared to a year earlier'.
After a boom during the pandemic years, the brand has struggled to keep up with rising costs and high-interest rates.
If you're an Instant Brands fan like we are here at Ideal Home (the Instant Vortex Plus Air Fryer is our top-rated air fryer ever), then you might be concerned if you've recently placed an order or have a product under warranty about the company's future.
However, the UK part of the brand remains unaffected. In the US and Canada the company will continue operating thanks to new financing from lenders, meaning that you can still buy Instant Brands products. The same goes for purchases from the iconic glassware brand Pyrex, which has been operating for over 100 years after being first introduced in 1915.
'We want to thank our lenders and all advisors for working with us and supporting us with new financing,' said Ben Gadbois, President and CEO of Instant Brands. 'While we continue our efforts to strengthen our financial position, this court-approved financing gives us the ability to continue to provide all of our great products to consumers around the world during this process.'
Instant Pot, one of Instant Brand's most successful offerings, was launched back in 2010, with this line of the best multi-cookers becoming a kitchen staple in the US. These cookers have an array of functions and preset programs, essentially replacing the need for multiple kitchen appliances with one purchase.
Instant Brands itself was purchased by the private equity firm Cornell Capital in 2017, with its first air fryer then created and sold in 2019. Since then the brand has developed a range of air fryers to suit different kitchens, with these efficient appliances becoming one of its major product categories.
The range includes one of the best dual zone air fryers, the Instant Vortex Plus Dual Basket Air Fryer which has a large capacity and six functions, alongside the compact Instant Vortex Mini Air fryer, which is designed for one to two people.
Instant Brands filing for bankruptcy comes after iconic food storage solution brand Tupperware announced similar financial difficulties back in April after 77 years of operation.
But for now the future of the Instant Brand in the UK is still safe, and remains one of our top-rated air fryer brands.
