But, the parent company said it "plans to keep operating while it restructures."
Pyrex, Glassware Maker, Files for Bankruptcy | Newsmax.com
Pyrex, Glassware Maker, Files for Bankruptcy | Newsmax.com
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Market's saturated I imagine. We got ours, won't be needing another for quite some time (ever?). -
I've tried to get one for a couple years - The Wife resists, saying we have enough appliances in the kitchen. I think she would be pleased with one if she gave it a shot.Comment
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I read about this the other day. Note that it isn't just Instant Pot but also Pyrex and Corelle as well. As the articles point out, this is a restructuring, which will hopefully lead to a healthier business and not to the end.
After having resisted for a long time we've actually been considering getting one. Still on the edge, though. We hate buying more kitchen appliances unless we're sure we're going to make good use of them...Comment
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I pretty sure this has been slow cooking for a while...Comment
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Pyrex used to be awesome, but they changed the formulation so newer glass is not as good as it used to be. But Pyrex items tend to be things that the "average" kitchen would likely buy more than once over a period of time (breakage, needing add't items, etc)
Insta-pots, on the other hand, are more of a "you only need one" item -- and they over-saturated / over-estimated the market. Once you had one, you didn't need to buy more. And while the real money might be in the accessories, add-ons -- they also fall into the category of getting overly specialized.
There are many people who love their Insta-Pots.
But there are a ton of homes that used it once and said, "meh".
For us, we'd be interested in maybe the pressure cooker option - but we have no interest (or alternative means of cooking) for pretty much every other option an Insta-pot offers. From that perspective, the chances of us purchasing an Insta are close to 0%.
Compare Insta to Ninja --- Ninja started out in a niche area (wasn't it bullet blenders?), and then expanded into additional appliance areas with the goal to improve upon existing features without competing against the higher end products. They figured if they could make an improved, reliable, and affordable product vs what's on the market that they'd be able to make a dent. And they've done a good job. They're not trying to make a new product category like Insta.Comment
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Ironically, or not, the “original” glass formula is still available. At least in the UK. (Not sure if that’s recently changed.) The new US market stuff is NOWHERE near the quality of the old formula, but I’m sure it has a higher profit margin. That could be part of their problem.
And unless someone murders their Instant Pot, or simply wants another size, there’s little reason to purchase another. Most everyone I know has one…and they’re still trudging along without issue. -
surfdog - ebay.uk to the rescue! (That's where we've bought some pyrex recently) -
WillTravelForFood That’s the ONLY place to purchase Pyrex & CorningWare in the US these days.
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Instant Brands is not the only one filing for Bankruptcy.
Bed Bath and Beyond has filed for bankruptcy
Had 32,000 employees last year 14,000 this year.
Will be having going out of business sale.
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For what it's worth (probably not much), we were gifted ours for Christmas about 3 years ago and it sat in storage in the box for over a year. We started to see more and more articles about its use and finally opened the box and used it. Since then, we use it about 1 to 2 times a month. So far, it's been 100% used as a pressure cooker. We really like the results. YMMV.
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Mine was a gift too. Now that I started using it for oatmeal it gets used more than once a month. I have used it for rice a few times, but mostly use my old rice cooker. I do have a beef stroganoff recipe (I have shared it here) that makes a nice comfort food treat, as well as a great corned beef recipe.
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The only two uses I employ for my two Instant Pots (6 quart and 8 quart) are for pressure cooking and slow cooking. I use it probably 4-5 times a month, on average, and when I was recovering from an accident, I used it a lot more, because it's so easy to use and easy to clean. You can saute in it so you don't have to dirty another pan, which is a great feature. Makes excellent broths, soups, stews, hard boiled eggs (the shells come right off) etc.
It's great for cooking dried beans. You don't have to worry about whether you've boiled them long enough to kill off the toxic lectins in kidney or cannellini beans, for example. The high temps of the pressure cook take care of that.
I was surprised how much I liked using the IP for slow cooking, which I don't do very often. It heats up faster than my Crock Pot and holds temps better. Plus as I said, it's nice to prep the aromatics and sear the meat in the IP before turning on its slow cooking mode.
I shouldn't be needing another IP, but I still hope it survives the bankruptcy reorganization. IP sales were hot during the height of the pandemic but have cooled significantly in the ensuing couple of years apparently.
KathrynComment
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A terrific article about how Insta (for lack of a better term, "failed") as as business
Therein lies the problem, or at least one of the problems. A device developed primarily to address a particular food-prep inefficiency has a natural ceiling to its potential market, and when one catches on as quickly and widely as the Instant Pot, it can meet that market ceiling in pretty short order. Arguably, it can exceed it—people who wouldn’t have otherwise seen themselves as Instant Pot owners buy into the hype. Predictably, after a decade of lightning-fast sales in the United States, things seem to be cooling off. Instant Brands does not release detailed sales figures, but from 2020 to 2022, sales of multi-cookers as a product category dropped by half, according to the market-research firm NPD Group. Instant Pots dominate the category. Very few people seem to need or want a second IP within five years of buying a first one. Why would they?
From the point of view of the consumer, this makes the Instant Pot a dream product: It does what it says, and it doesn’t cost you much or any additional money after that first purchase. It doesn’t appear to have any planned obsolescence built into it, which would prompt you to replace it at a regular clip. But from the point of view of owners and investors trying to maximize value, that makes the Instant Pot a problem. A company can’t just tootle along in perpetuity, debuting new products according to the actual pace of its good ideas, and otherwise manufacturing and selling a few versions of a durable, beloved device and its accessories, updated every few years with new features. A company needs to grow.
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I have always been somewhat baffled by the supposed necessity for companies to "grow". Pretty sure it is a western concept and, of course, relates to the assumption that a country's economy *should* grow (above and beyond population growth, of course. -
RolfTaylor THIS!
Gillette survived for decades with essentially the same couple of products…now they release “new” products all the time to show “growth.” Of course that “growth” is at the expense of their current products that they have to cannibalise to provide that “growth.” Absurd.
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I have 3 instant pots. One at the cabin and 2 at home because I like having 2 sizes.Comment
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