I was curious, so I checked. They have been owned by a PE firm (Cornell Capital) since 2019. Seems about par for the PE course.
The most surprising thing to me is that Pyrex alone isn’t able to carry the entire corporation. They’ve also got Corelle and CorningWare. What the fuck, guys?
Pyrex isn’t the draw it used to be. People know that it’s not as good now as it used to be (even if it’s still fine), so they’re not loyal to the brand when it comes time for replacements.
Bye bye warranty?
Instant Brands will continue operating as usual during the bankruptcy process with help from $132.5 million in new financing.
It’s Chapter 11 reorganization, not a liquidation. I think they’re big enough that they’re not going to go anywhere, but they have to adopt a new, much smaller, business model, since pressure cookers aren’t as cool as they were 5 years ago.
