iRobot Corporation, which is known for its consumer robots, is officially going into Chapter 11. The company has entered into a Restructuring Support Agreement with its main lender and contract manufacturer, Shenzhen PICEA Robotics Co., Ltd. and Santrum Hong Kong Co., Limited, together called Picea. Under this agreement, Picea will acquire iRobot through a court-supervised chapter 11 process. This move is aimed at helping iRobot improve its financial health and keep delivering its robots and smart home devices to customers around the world.
The chapter 11 process is meant to give iRobot a fresh start by lowering its debt and giving it a more stable financial base. This legal process is expected to be finished by February 2026. During this time, iRobot plans to keep running its day-to-day business and continue work on its new products. The company will also keep its presence in markets around the world.
Once the deal is done, Picea will own all of iRobot’s shares. This change in ownership is set up to help iRobot pay down what it owes and move forward with its business plans. The agreement lets iRobot keep working on new products and technologies for its lineup of home robots and connected devices. The company says this is a key step to making sure it can keep improving its products while staying on stronger financial ground.
Gary Cohen, who is the Chief Executive Officer of iRobot, said that this transaction is an important point for the company’s future. He said it will help make iRobot’s finances stronger and make sure the company can keep serving its customers, partners, and consumers. Cohen also said that iRobot plans to keep working on its well-known Roomba robots and other smart home products. He pointed out that the deal brings together iRobot’s focus on design and research with Picea’s experience in manufacturing.
iRobot is known for its Roomba robot vacuums, which have been a part of many homes for over thirty years. The company has also worked on a range of other smart home devices. With the new agreement, iRobot hopes to keep up its work in developing more products that help customers with cleaning and other home tasks. The plan with Picea is aimed at making sure iRobot can keep its place in the market and continue to grow in the future.
The statement also says that after the transaction, iRobot will be in a better position to move forward with its product roadmap. With the support from Picea, the company hopes to keep bringing new ideas to market while keeping its focus on what customers want. The chapter 11 process is expected to provide the needed stability for these goals. iRobot plans to keep customers and partners updated as the process moves forward.
View the original press release.