"By combining iRobot's innovation, consumer-driven design, and research and development with Picea's history of innovation, manufacturing and technical expertise, we believe iRobot will be well-equipped to shape the next era of smart home robotics, he said."
"iRobot, which is best known for debuting the Roomba vacuum cleaner in the early 2000s, will be taken over by a subsidiary of its main supplier, Picea Robotics."
"The Roomba maker, which is listed in the US, said it had filed for Chapter 11 bankruptcy in Delaware as part of a restructuring agreement with Picea."
iRobot filed for Chapter 11 bankruptcy in Delaware and agreed to be taken over by a subsidiary of its main supplier, Picea Robotics. The restructuring allows iRobot to remain a going concern and continue meeting customer and creditor commitments. Earnings were hit by supply chain problems and competition from cheaper rivals, squeezing revenue and margins. Picea's Hong Kong subsidiary acquired the remainder of iRobot's debt last month, enabling the takeover. A previous Amazon offer valuing iRobot at $1.4bn collapsed after EU competition objections; iRobot received $94m in compensation, part used to pay advisory fees and reduce a Carlyle loan. The acquisition by a Chinese-linked company revived privacy concerns over Roomba home-mapping features.
Read at www.theguardian.com
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