NEW YORK / LONDON (IT BOLTWISE) – The well-known US robotics manufacturer iRobot, known for its Roomba vacuum cleaner robots, has filed for bankruptcy. Amazon’s takeover failed due to European resistance, and now the company will be transferred to a Chinese supplier as part of Chapter 11 proceedings. This means a total loss for shareholders while production is relocated to China.
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The US robotics manufacturer iRobot, known for its innovative Roomba brand vacuum cleaner robots, has filed for bankruptcy in the USA. The company, once considered a pioneer in household robotics, will be transferred to its main Chinese supplier, Shenzhen Picea Robotics, as part of a Chapter 11 process. This development marks a significant turning point for iRobot, which has been considered a pioneer in the industry since its founding by engineers at the Massachusetts Institute of Technology (MIT) in 1990.
The bankruptcy announcement comes after a failed takeover attempt by Amazon, which failed due to resistance from European competition authorities. Amazon announced a takeover in 2022 that was intended to stabilize iRobot financially. But despite the prospect of a financial rescue from the e-commerce giant, the deal was ultimately blocked. After the takeover failed, iRobot received compensation payments totaling over $90 million, but a large portion of this went towards consulting services and the repayment of a loan.
iRobot’s financial situation continued to deteriorate after the end of the corona pandemic. Supply chain problems, rising costs and increasing competition from cheaper Asian suppliers put the company under pressure. These factors led to a decline in margins and ultimately bankruptcy. Dependence on Chinese partners grew as Picea subsidiary Santrum Hong Kong took on Carlyle’s debt and negotiated for fresh capital.
The insolvency plan stipulates that iRobot’s operations will continue, with wages and salaries of employees and payments to suppliers to be paid in full during the process. The company’s assets and liabilities are each estimated to be between $100 million and $500 million. These measures are intended to ensure that iRobot remains operational and can bring its products to market despite the financial difficulties.
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