Drop in some ground beef, onions, bell peppers, tomatoes and spices. Press a button, head out for work and return hours later to a perfectly prepared chili.
For a while, the Instant Pot, an electronically controlled device that could pressure-cook and slow-cook food, was the kitchen tool everyone wanted. The product hit the market in 2010, quickly became a top seller, and spawned a legion of fans who called themselves “Potheads” and used their Instant Pots to create dozens of recipes.
Those Potheads are still around, making soups, stews and puddings. But over the past few years, the Instant Pot has failed to attract new fans, and its parent company is struggling.
Instant Brands, the maker of the Instant Pot and other household brands such as Pyrex, Snapware and CorningWare, announced on Monday that it had filed for Chapter 11 bankruptcy. The move, according to the company, will secure $132.5 million in funding to allow it to stay afloat and restructure rather than liquidate its business. The company did not respond to a request for comment on Wednesday about its sales.
Ben Gadbois, president and chief executive of Instant Brands, said in a statement on Monday that “after successfully navigating the Covid-19 pandemic and the global supply chain crisis, we continue to face additional global macroeconomic and geopolitical challenges that have affected our business.”
“In particular, tightening of credit terms and higher interest rates impacted our liquidity levels and made our capital structure unsustainable,” Mr. Gadbois said.
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But over the past few years, the Instant Pot has failed to attract new fans, and its parent company is struggling. Instant Brands
Instant Brands
The company was founded by Robert Wang, Yi Qin, and three other Canadian partners in 2009. They are the distributor and designers of the Instant Pot and other products sold under the Instant Brands name. Double Insight Inc. Its subsidiaries were merged and consolidated under the title "Instant Brands".
, the maker of the Instant Pot and other household brands such as Pyrex
Pyrex
Pyrex (trademarked as PYREX and pyrex) is a brand introduced by Corning Inc.in 1915 for a line of clear, low-thermal-expansion borosilicate glass used for laboratory glassware and kitchenware. It was later expanded in the 1930s to include kitchenware products made of soda–lime glass and other materials.
Instant Brands, the company that makes the Instant Pot (as well as Pyrex, Corelle, and a few other product lines), announced that it was filing for Chapter 11 bankruptcy in June 2023. But that doesn't mean the company is going under, and for now it hasn't affected the availability of the Instant Pot.
With the merger, Instant Brands is now owned by Cornell Capital LLC and headquartered in Downers Grove, Illinois. On June 12, 2023, Instant Brands filed for Chapter 11 bankruptcy after high interest rates and waning access to credit hit its cash position and made its debts unsustainable.
According to the lawsuit, Instant Brands has falsely claimed that all Instant Pot devices have safety features that prevent the lid from being opened while the unit is under pressure. Instant Brands has used various media outlets, such as infomercials and social media, to promote the safety of the product.
The average lifespan of an Instant Pot ranges from 2-5 years, but it can last longer depending on how often it's used and how well-maintained it is. So it's safe to say Instant Pots aren't commonly being replaced, and may even be a one-time purchase.
“In particular, tightening of credit terms and higher interest rates impacted our liquidity levels and made our capital structure unsustainable,” Mr. Gadbois said. Instant Brands said in a statement on Wednesday that the new financing would allow the company to continue paying workers, vendors and suppliers.
The recall was announced on March 1, 2018 for the “Instant Pot Gem 65 8-in-1 Multicookers” after at least 107 reports involving overheating, including 5 incidents that caused property damage. The problem is caused by a manufacturing defect that allows that cooker to overheat and melt on the underside of the unit.
Yes, Instant Pots are manufactured in China, though it is a Canadian company. Researching this question leads to many rabbit holes, but the Instant Pot live chat team and the branding on the packaging answer the question definitively.
These humble yet mighty appliances can pressure and slow cook, roast, bake, steam, air fry, dehydrate and so much more at just a press of a button. It's also faster than conventional cooking and requires very little oil, so it is considered the more 'healthier' option for cooking tasty meals.
Overheating can cause your pressure cooker to explode if you're not careful. Overheating occurs when the pressure cooker is left unattended for too long or when the heat source is too high. Safety mechanisms should prevent this issue, but they may malfunction.
Well, fellow Potheads, I'm sorry to be the one to tell you, but it appears that our beloved Instant Pot, the do-it-all powerhouse of kitchen appliances, filed for Chapter 11 bankruptcy earlier this week.
Con– The Instant Pot uses steam under pressure to cook food and not everything is meant to be cooked in the Instant Pot. I attempted a crustless quiche which turned out well but it was too wet and moist to my liking and I prefer to cook it in the oven with dry heat.
If you're using your pressure cooker on a daily basis and investing in regular maintenance, it may last you up to five years. On average, though, most pressure cookers perform well for up to three years. After that, it's time to consider investing in a replacement.
Instant Pots will draw different amounts of energy based on the setting. For pressure cooking, a standard 6-quart model will draw about 1,000 watts or one-third the energy draw of a big oven. Knowing this, we can determine that in New York State, it will cost you about 17 cents per hour to pressure cook.
If you are interested primarily in slow cooking, you should buy a dedicated slow cooker. They're more reliable with a range of slow-cooker recipes than an Instant Pot. We found Instant Pot multicookers specifically could not successfully slow-cook dense, high-volume recipes such as beef stew or pot roast.
Instant Brands, maker of Instant Pot and Pyrex cookware, files for bankruptcy. The company that makes kitchen staples like CorningWare, Pyrex and the Instant Pot has entered bankruptcy proceedings in the U.S. and Canada.
Sales for multicookers such as the Instant Pot fell by more than half in 2022 compared with 2020, The Associated Press reported. Instant Brands faces many struggles as it restructures, but the Instant Pot's impact deserves to be celebrated even if it's no longer considered the hottest gadget in the kitchen.
The pressure cooker function is what allows the Instant Pot to quickly cook foods that typically take a long time in an oven or on the stove. If you've never used a pressure cooker, an Instant Pot is a good introduction to pressure cooking: it's easy to use and much less intimidating than a stove top pressure cooker.
They're never as good as individual appliances — Instant Pots may be versatile, but they will never be as good as the appliance designed for that cooking purpose. Cooking rice in the Instant Pot was never as fluffy as my trusted rice cooker, while steaming broccoli often ended up an overcooked and soggy mess.
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