Pyrex owner Instant Brands is filing for bankruptcy in the US as it feels the heat from higher interest rates
Cracking point: Pyrex owner Instant Brands has filed for bankruptcy protection
The company behind the Pyrex and ‘Instant Pot’ pressure cookers has filed for bankruptcy protection in the US – after a similar decline of its rival Tupperware.
Instant Brands blamed high interest rates, inflation and supply chain issues for making debt unsustainable.
Controlled by private equity investor Cornell Capital, it plans to continue but will shake up its business to reduce its £790m debt.
Pyrex jugs are a household staple, as the multi-cooker rose to prominence during the pandemic, as foodies embraced home cooking during lockdowns.
But when the world opened up again, Instant Brands sales plummeted.
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