Key Highlights
- iRobot filed for Chapter 11 bankruptcy protection in Delaware.
- The company will be taken over by Picea Robotics, its largest creditor and manufacturer.
- iRobot was founded in 1990 and introduced the Roomba vacuum in 2002.
- The company has faced declining profits since the pandemic due to competition from lower-priced rivals.
- Despite its challenges, iRobot remains a leader in the U. S. robotic vacuum market.
