iRobot filed for bankruptcy and will be acquired by Picea Robotics, a Chinese company. Founder Colin Angle said iRobot faced rising competition from Chinese robotics firms.
The bankruptcy of robot vacuum Roomba maker iRobot represents a relatively small but high-profile casualty of years of big tech antitrust scrutiny in both the U.S. and Europe. Amazon's acquisition of the company was abandoned in early 2024 after EU regulators signaled their intent to block the deal.
She blocked Amazon's takeover, and now the Chinese will own it.
iRobot Co-Founder Helen Greiner weighs in on the American tech company's decision to file for bankruptcy, and discusses the future of robotics and the obsession with humanoid robots. She speaks with Paul Allen on "Insight with Haslinda Amin.
iRobot, the maker of the Roomba, filed for Chapter 11 bankruptcy after financial struggles. A failed $1.4 billion Amazon acquisition contributed to iRobot's financial woes.
iRobot's bankruptcy signifies the conclusion of a once-promising growth narrative—brought down by ongoing losses, increasing competition, accumulating debt, and ultimately a failed rescue effort by Amazon. The stock appears inexpensive based on sales metrics, yet that seeming “value” rests on a troubled balance sheet and a business that has forfeited both its competitive advantage and financial flexibility.
Shares of iRobot (IRBT) plummeted over 70% Monday morning after the Roomba robot vacuum maker announced a Chapter 11 bankruptcy filing on Sunday.
"So what is going to happen to the functionality of [my Roomba]? It's one of the smart ones that talk with a server," a Reddit user posted on Sunday.
Shares of iRobot Corporation (Nasdaq: IRBT), maker of the Roomba autonomous vacuum cleaner, are crashing today after the company announced that it will seek Chapter 11 bankruptcy protection.
Shares of iRobot (IRBT) plummeted over 70% Monday morning after the Roomba robot vacuum maker announced a Chapter 11 bankruptcy filing on Sunday.
iRobot Corporation (NASDAQ:IRBT), the maker of Roomba robotic vacuum cleaners, has filed for Chapter 11 bankruptcy in the District of Delaware and plans to be acquired by its secured lender and primary contract manufacturer, Shenzhen Picea Robotics, through a court-supervised process. The company said the pre-packaged Chapter 11 filing is intended to strengthen its financial foundation, reduce debt, and allow continued operation while pursuing long-term growth and product development.
Stock futures are gaining ground Monday morning at the start of a week filled with economic data and earnings reports; the price of gold is approaching the record highs the precious metal last reached in mid-October; iRobot shares are sinking after the maker of the Roomba robot vacuum said over the weekend that it plans to file for bankruptcy; Sanofi shares are also falling amid disappointing updates for one of its developmental drugs; and workplace software maker ServiceNow is reported to be in talks to acquire a cybersecurity startup for up to $7 billion. Here's what you need to know today.